Ohio’s workers are essential to the growth of our economy. Since its inception, the Ohio Bureau of Workers’ Compensation (BWC) has been helping private and public employers protect their employees in the workplace. The premiums paid by these employers go towards offering important safety services and resources in cases of job-related injuries.
The BWC announced this year that it will be refunding more than $1 billion to Ohio’s businesses and employers for the third time in four years. Over 200,000 employers will receive money back due to these rebates—that means more money returned to our job creators so they can reinvest in their companies.
How is this possible? A net position of more than $9 billion in the State Insurance Fund makes the rebates a reality for the business community. Reasons for such a surplus include safer work environments that have resulted in a reduction in insurance claims, investment returns which have yielded higher numbers than expected, and responsible fiscal management combined with a strong economy.
For the 84th House District, private and public employers in Mercer, Darke, Auglaize, and Shelby counties will receive, in total, over $19.5 million back in rebates. Businesses in these counties can use these additional resources to continue growing their operations and help bolster our state’s economy at large.
While I’m happy to support this rebate provided by the BWC and look forward to how it will benefit businesses across Ohio, both large and small, I urge the BWC to further adjust and evaluate its basic rate schedule to give Ohio employees, both public and private, a lower overall rate schedule. As Ohio’s economy grows, we must support the entities and employers that continue to position our state for a bright future.
The writer represents the 84th District in the Ohio House of Representatives.