The Ohio Workers’ Compensation Oversight Commission on Thursday voted to grant Ohio’s private and public employers a one-time 20 percent dividend on their upcoming bills. The decision was based on a recommendation from the Ohio Bureau of Workers’ Compensation (BWC).
“Ohio has one of the most competitive workers’ compensation systems in the nation. This dividend strengthens that reputation and further helps to keep the cost of doing business down in Ohio.” Governor Bob Taft said. “As Ohio’s economy continues to recover, this dividend gives Ohio employers the ability to reinvest in safety and other workplace priorities. When businesses are able to strengthen their bottom-line, they strengthen Ohio’s overall economic well-being.”
James Conrad, BWC’s Administrator and CEO, echoed the economic benefits of this decision.
“BWC is determined to keep costs low while providing excellent customer service to all Ohioans. With today’s decision, we are able to reach our goal while preserving the same quality care both employers and injured workers have come to expect. As with all past dividends, injured worker benefits will not be impacted by this decision and the State Insurance Fund will remain fully-funded.”
The 20 percent dividend reportedly means a savings of more than $61 million for public employers and more than $176 million in savings for private employers. Public employers, which include city, county and state employers, will see the dividend reflected in their bill for calendar year 2004 payable May 15, 2005, while private employers, mostly small- and medium-sized businesses, receive invoices every January and July.
The 20 percent dividend will be applied to the January private employer billing.
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