COLUMBUS (WCMH) — For what will be the fifth year in a row, and 6th in the last seven, employers could be getting money back from the Ohio Bureau of Workers’ Compensation.
This year $1.5 billion has been proposed by Governor Mike DeWine and his cabinet pick to run the agency, Stephanie McCloud.
Last year, the Kasich administration returned $1.2 billion to businesses.
Positive returns on investing and a reduction in workplace/on the job injuries in Ohio were the reasons given for the return of the money.
Employers in Ohio pay premiums to BWC which acts kind of like an insurance agency. When an employee gets hurt, the money to compensate them comes from the BWC. Premiums are also used for other programs to help reduce on the job injuries.
Some businesses have complained the rates of those premiums were too high given the amounts of money returned over the last decade.
That is being addressed as well. DeWine reminded those in attendance at an event in Reynoldsburg Monday that the BWC is reducing the premiums by 20% starting in June.
Combined with all of the other efforts that have been taken by the Kasich and DeWine administrations, McCloud says the savings to businesses in Ohio has been $10 billion since 2011.
There is a hope that businesses will take the money they are getting back this year and put it back into their businesses, through additional capital improvements that will continue to reduce workplace injuries.
Some business’ like Dynalab Electronic Manufacturing in Reynoldsburg, where DeWine held his news conference, say they will use the money to grow in Ohio.