|14-May-22 BWC Board Clears $91 Million Rate Cut for Employers|
The Ohio Bureau of Workers’ Compensation (BWC) Board of Directors made official another 6.3 percent, $91 million rate cut in FY15 Thursday, bringing four-year savings for private employers to $409 million, the bureau said.
BWC Administrator/CEO Stephen Buehrer announced the proposed reduction in April and voiced confidence at last month’s board meeting that the $91 million represented “good actuarial work.” (See The Hannah Report, 4/23/14.)
“Our goal over the last four years has been to support economic growth by stabilizing premiums and lowering costs for Ohio employers,” Buehrer said Thursday after the vote. “We’re pleased our strong financial position is supporting lower rates so businesses can prosper while protecting Ohio’s workers so they can return home safely to their families each evening.”
Private employers previously enjoyed reductions of 4 percent in FY12, flat rates in FY13, and 2.1 percent savings in FY14. “The actual premium paid by individual private employers depends on a number of factors, including the expected future costs in their industry segment, their recent claims history, and their participation in various discount and savings programs,” BWC noted.
The administrator also pointed to state safety programs that protect employers’ workforce prevent medical costs that can raise their rates. The bureau Division of Safety and Hygiene update the board’s Medical Services and Safety Committee on the Safety Intervention Grant Program, which has awarded 447 grants worth more than $12 million since July 1, 2013.
“Ohio employers are recognizing the benefits of this program and all of BWC’s safety services, as well as the great value in making workplace safety a priority,” said Buehrer.
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