(The Center Square) – Ohio businesses could be getting dividend checks from the state’s Workers‘ Compensation fund.
The fund provides medical benefit and help with lost wages to businesses across the state. Currently it sits with about $24 billion in assets as what the state’s website calls one of the largest-run insurance systems in the country.
In Ohio, rates for businesses have been steadily decreasing in recent years, and the dividend will be the fifth paid to employers since 2019.
“Ohio employers are also seeing the lowest rates in over 65 years. Private employers recently benefited from a 1% rate reduction that went into effect July 1, saving them $10 million in premiums,” BWC said in a recent news release.
The National Federation of Independent Business in Ohio also welcomed the news.
“For a small business, every dollar matters. By returning funds to the small businesses that fund Ohio’s workers’ compensation system and prioritize safe working environments, our state is recognizing the importance of reinvesting in the small businesses that are so crucial to our local communities. This dividend will allow small employers across the state to invest in their employees, their operations, and their future growth. We thank Governor DeWine and the BWC Board of Directors for their continued support of Ohio’s job creators,” NFIB Ohio Director Jared Weiser said.
BWC administers the program in Ohio and serves 245,000 employers, both private and public.
The proposed dividends are possible due to “BWC’s strong financial management and investment returns,” the board said in a news release.
“Ohio employers have a bright future ahead,” Ohio Gov. Mike DeWine said in a statement. “Our state continues to grow and be one of the best places to live, own a business, and have a family.”
The Social Security Administration was the first agency to establish a Workers’ compensation program. It was launched in 1908 to provide insurance for workers engaged in hazardous work.
The programs are now run by state governments.
