spot_img

Ohio businesses to save $67M after worker’s comp rate cut

Date:

(The Center Square) – Private employers across the state will pay $67 million less in workers’ compensation premiums after the Ohio Bureau of Workers’ Compensation board voted Friday morning to lower rates for the sixth straight year.

The 7% rate cut follows a 3.9% reduction for public employers that went into effect Jan. 1. The new private employer rate takes effect July 1.

“We are pleased to announce this substantial rate reduction for Ohio’s employers,” said Gov. Mike DeWine. “This reduction is a result of employer’s dedication to workplace safety and Ohio’s strong economic position.”

The average rate for Ohio’s 257,000 private and public employers is the lowest in more than 60 years, according to the bureau.

“This reduction is evidence of Ohio’s commitment to workplace safety,” said administrator and CEO John Logue. “Lower premium rates directly relate to cost savings for employers, which allows them to reinvest their money towards the growth of their business and investment in their employees.”

The Ohio Chamber of Commerce said Friday’s vote will help improve the state’s business environment.

“By prioritizing safety in the workplace, business owners are shrinking their own operating costs and helping employees return home safely each day,” Chamber President and CEO Steve Shivers said. “We applaud Governor DeWine, Administrator John Logue and the BWC Board of Directors for their prudent management of employer premiums and for helping to improve Ohio’s business climate.”

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_img

Share post:

Popular

More like this
Related

Ohio unemployment rate continues to rise

(The Center Square) – Ohio’s unemployment rate continues to...

Report: New York needs $29M to upgrade aging state bridges

(The Center Square) — New York needs to spend...

St. Louis schools leader on leave after problems with buses, budgets, hiring

(The Center Square) – Weeks before the start of...

New bridge to Canada is longest border crossing bridge in North America

(The Center Square) – Workers have successfully linked borders...