(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.”
