Columbus, OH (WorkersCompensation.com) - Ohio's public employers will pay $14.8 million less in premiums this year thanks to a rate reduction from the Ohio Bureau of Workers' Compensation (BWC) that went into effect Jan. 1.
The rate cut means approximately 3,700 counties, cities, public schools and other public taxing districts will pay an average of 10% less on their annual premiums than in calendar year 2020. The reduction, made possible by declining injury trends and relatively low medical inflation costs, is the twelfth cut for public employers since 2009 and follows a 10% cut in 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 Administrator/CEO John Logue.
The 10% reduction represents an average statewide change to premiums and does not include costs related to the administrative cost fund or other funds BWC administers. The actual total premium paid by individual employers depends on several factors, including the expected future claims costs in their industry, their company's recent claims history, and their participation in various BWC programs.
Be the first person to comment!
You must Login or Register in order to read and make comments!
Don't Have an Account? Click Here to Register.
