BWC Approves Payment of $1.5B in Dividends
COLUMBUS, Ohio – The Ohio Bureau of Workers’ Compensation has approved the payment of $1.5 billion in dividends to Ohio employers.
The agency will begin sending checks to the 200,000 participating private and public employers in late October after applying the dividend to any unpaid balances.
The dividend equals all of the premium employers paid in policy year 2019. As in prior years, the dividend is possible because of strong investment returns on employer premiums, a declining number of claims each year and prudent fiscal management, said BWC administrator and CEO Stephanie McCloud.
“We’re grateful our strong fiscal position allows us to assist our business community during these unprecedented times,” she continued. “However, this means in all likelihood we will not issue a dividend in 2021.”
In April, a similar payment resulted in an average payment of $8,500.Of the $1.54 billion dividend, $1.35 billion went to private employers.
“Thank you to the BWC Board of Directors for approving a second round of dividends for Ohio employers,” said Gov. Mike DeWine. “The pandemic continues to impact businesses across Ohio, and we hope that this next round of dividends provides financial relief.”
Copyright 2023 The Business Journal, Youngstown, Ohio.