BWC Board Approves 12% Rate Cut for Local Governments
Monday, August 27, 2018 | 0
The Ohio Bureau of Workers’ Compensation announced Friday that it will reduce rates paid by local governments, by 12%, on Jan. 1, the largest rate cut in at least 30 years.
The bureau’s board of directors approved the reduction during a meeting on Friday.
The bureau said 3,900 public employer taxing districts will save $21 million because of the rate cut. The actual premium change, however, depends on several factors, including employee classification, the employer type, recent claims history and program participation.
The BWC has reduced rates for local government seven times since 2011, for a cumulative 41.8% rate reduction and employer total savings of $435 million, the bureau said in a previous press release.
Declining claims and relatively low inflation in medical costs made the reduction possible.
Comments