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Ohio BWC Announces Discount Rate for Public Employers

14 Jan, 2008 WorkersCompensation.com

                               

Columbus, OH (CompNewsNetwork) - The Ohio Bureau of Workers' Compensation (BWC) announced that the discount rate for public employer taxing districts is 3.03 percent APR (0.0083 percent daily rate) of total premium for the 2007 policy year.

BWC individually applies the discount rate to public employers who pay their entire premium on or before May 15. It automatically refunds the savings after payroll is processed.

BWC calculates the amount of the discount on total premium and the date the public employer chooses to pay premiums. The earlier a public employer pays its premiums, the larger the discount it receives.

Public employers must pay a minimum of 45 percent of their total premium costs by May 15. The remaining 55 percent is due by Sept. 1.

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