A large rebate is likely in the future for about 200,000 employers in Ohio. The state’s Bureau of Workers’ Compensation hopes to send $1.5 billion back to companies that pay premiums.
The employers set to receive rebates include private businesses as well as local governments and school districts.
The $1.5 billion amounts to about 88% of employer premiums. As Gov. Mike DeWine puts it, this becomes a near-refund.
“The reason they can get a refund is because the BWC has done a good job in investing and this money is going to come directly back to companies," DeWine says. "And for all of Ohioans it’s good news because when companies get this kind of money, this infusion of money, they can create more jobs."
The BWC has also approved a 20% cut in premiums, the largest reduction in 60 years. DeWine attributes the savings and rate cuts to BWC safety programs.
The rebate is contingent on BWC board of directors approval.