Today’s issue of WorkCompRecap features the announcement from the Ohio BWC that it has proposed a 20% reduction in the average premium rate it charges private employers. If approved by the agency’s board of directors, it will be the largest rate cut in nearly 60 years.
The BWC noted fewer workplace injuries and falling estimates of future medical costs were the key drivers in recommendation to lower rates for the ninth time since 2008. If approved by the board on February 22, the rate reduction would be effective July 1, and save private employers $244 million over premiums for fiscal year 2019.
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