COLUMBUS—State Senator Bob Peterson (R-Washington Court House) applauded the recent announcement by the Ohio Bureau of Workers’ Compensation (BWC) of a one-time rebate of approximately $1.5 billion to Ohio employers.
With this announcement, around $5 billion dollars will have been given back in recent years, according to a press release from Peterson’s office. The rebate surpasses last year’s benchmark by 50 percent, and is the fourth such rebate in the last five years.
“I commend the bureau’s efforts to protect workers who are hurt and to care for those who are injured on the job,” said Peterson. “The fact that they are able to accomplish that goal while maintaining fiscal health, and that they are also able to put money back in the pockets of our employers is a testament to their quality as an organization.”
Private employers and public employer taxing districts that pay into the State Insurance Fund are eligible for the rebate. Rebates are expected to equal 85 percent of the employer’s premium for the policy year ending June 30, 2017, according to the press release.
The BWC Board of Directors will review the proposal in the coming weeks, and is expected to vote on May 24 to approve the plan. An estimated $48 million of the total rebate will go to schools and $111 million to local governments.
Ohio’s workers’ compensation rates have gone from third highest in the nation in 2008 to the 11th lowest, according to the Oregon Study, a nationally recognized benchmark of rates.