BWC Rate Cut Saves Public Employers $14.8M in Premiums
COLUMBUS, Ohio – Public employers in Ohio will pay $14.8 million less in premiums to the Bureau of Workers’ Compensation this year.
The rate cut – roughly 10% from premiums paid in calendar year 2020 – that went into effect Jan. 1 affects 3,700 counties, cities, public school districts and public taxing districts.
The reduction is made possible by declining injury trends and relatively low medical inflation costs. It is the 12 cut for public employers since 2009 and follows a 10% cut that went into effect for 2020.
“We’re happy to pass these savings along to our public employer community, especially as the COVID-19 pandemic continues to challenge our economy,” said BWC interim CEO John Logue in a statement.
The 10% reduction is an average statewide change. It does not include costs related to BWC administration or other funds administered by the agency. The actual total premium paid by individual employers depends on several factors, including the expected future claims costs in their industry, a company’s recent claims history and participation in BWC programs.
Published by The Business Journal, Youngstown, Ohio.