Public Employers to Get Another 10% Cut in Premiums

Tuesday, August 25, 2020 | 0

Local governments and school districts will soon see an average cut of 10% on their workers' compensation premiums, the second one this year, the Ohio Bureau of Workers' Compensation announced Monday.

Altogether, the reduction will save the local entities almost $15 million in 2021. The state-run comp system's officials said the cut was made possible by a continued decline in claims and a lower rate of inflation on medical costs, according to a Columbus news report.

“We are pleased to pass these savings along to our public-employer community, especially as the COVID-19 pandemic continues to challenge our economy,” said BWC Administrator/CEO Stephanie McCloud. “It is our hope they invest these dollars in workplace safety and improving their communities.”

The rate reduction follows a 10% cut announced in January and follows on the heels of a $1.5 billion dividend to public and private employers that the BWC's Board of Directors will consider next month. Public employers around the state will see about $184 million of that dividend, the bureau said.