BWC Cuts Public Employer Premiums Average of 10%
COLUMBUS, Ohio – Public employers in Ohio will pay nearly $18 million less in Ohio Bureau of Workers’ Compensation premiums this year following a rate reduction that went into effect Jan. 1.
On average, the 3,700 counties, cities, public schools and other taxing districts will pay an average of 10% less on their annual premiums.
“These lower premium rates will allow many public employers to reinvest in their businesses and workers throughout the year,” said Gov. Mike DeWine in a statement.
The reduction was possible through declining injury claims and “relatively low” medical inflation costs, he added.
Approved in August by the bureau’s board of directors, the rate cut marks the 11th reduction for public employers since 2009. It follows a 12% rate reduction for public employers that went into effect Jan. 1, 2019 and a 20% rate reduction for private employers on July 1.
Published by The Business Journal, Youngstown, Ohio.