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Workers compensation premiums for private employers in Ohio may drop by nearly $132 million as a result of an approved 13% rate reduction, the Ohio Bureau of Workers Compensation announced in a statement Friday.
The rate reduction, approved by the BWC’s board of directors and effective July 1, is expected to safe private employers $131.6 million in premiums. In 2019, the BWC announced a 10% rate reduction for public employers that took effect Jan. 1.
This reduction marks the BWC’s third largest rate cut in 60 years and follows the burau’s largest rate reduction of 20% approved last year.
The 13% rate cut represents an average statewide change to premiums and does not include costs related to the administrative cost fund or other funds BWC administers, and actual premiums will vary based on claims history, expected future costs and BWC program participation, said the bureau.
The Ohio Bureau of Workers’ Compensation on Thursday said it is proposing to reduce premium rates for public employers an average of 10% next year, the 11th reduction for public employers since 2009.