DeWine, BWC Request 7% Rate Reduction for Private Employers
COLUMBUS, Ohio – The state’s private employers could pay nearly $67 million less in premiums next fiscal year due to a 7% rate reduction proposed to the Ohio Bureau of Workers’ Compensation Board of Directors on Friday.
“At the request of Gov. [Mike] DeWine, we are proposing a new rate reduction for private employers,” John Logue, BWC administrator and CEO, said in a news release. “This proposed rate reduction would increase employer’s savings and continue the trend of Ohio’s historically low rates.”
If approved, the reduction would be the fifth straight since DeWine took office in 2019.
“Ohio’s employers continue to show their dedication to workplace safety,” Gov. Mike DeWine said. “Their hard work to create safe environments for employees is what allows us to reduce rates year after year.”
If approved by the board at its Feb. 23 meeting, the rate reduction would be effective July 1. It would follow a 3.9% rate reduction for public employers – counties, cities, schools and others – that went into effect Jan. 1. Overall, the average rate levels for the 257,000 private and public Ohio employers in the BWC system are at their lowest in at least 60 years, the release states.
The proposed 7% rate cut represents a statewide average. The actual premium change for an individual public entity will differ based on multiple factors, including employer type or classification, payroll levels, recent claims history and their participation in various BWC programs.
Published by The Business Journal, Youngstown, Ohio.