The Ohio Bureau of Workers’ Compensation announced a 3.9% rate reduction for the state’s public employers, a rate cut that will go into effect Jan. 1, 2024.
The rate reduction will result in nearly $8 million less in premiums in 2024.
This 3.9% rate reduction was made possible by declining injury claims and relatively low medical inflation costs by Ohio’s counties, cities, public schools, and other public taxing districts, BWC said.
“I applaud Ohio’s employers for their dedication to workplace safety,” said Governor Mike DeWine in a statement. “This commitment allows us to continue reducing rates for employers so that they can invest these savings back into their employees and workplaces.”
BWC’s Board of Directors approved the rate reduction at an August board meeting. The average rate levels for the 257,000 private and public Ohio employers in the BWC at at their lowest in over 60 years, BWC said.
Approved by BWC’s Board of Directors at this month’s board meeting, the reduction improves the already historically low rates for Ohio’s employers. Overall, the average rate levels for the 257,000 private and public Ohio employers in the BWC system are at their lowest in over 60 years.
BWC noted that actual premium change for an individual public entity will differ based on multiple factors, including employer type or classification, payroll levels, recent claims history, and their participation in various BWC programs.
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