At its Jan. 29 meeting, the Ohio BWC Board of Directors is expected to begin the process of again reducing premium rates for private businesses. As stated in this memo from the BWC’s chief actuary, BWC staff is recommending that the board reduce premium rates by 15%.
The board will consider the recommendation over the next several months. If the reduction is approved, it will take effect July 1. Employers would not see the full 15% reduction due to potential increases in both the BWC and the Industrial Commission administrative funds. Instead, employers would see a reduction of roughly 7%, according to estimates. 1/28/2021