Ohio Governor Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving $1.5 billion to Ohio employers this year following strong returns on the agency’s investments.
“This is great news for Ohio,” said Governor DeWine. “This money will help Ohio employers expand their businesses, create jobs, and invest in capital improvements. Ohio’s economy is strong, and this proposal reinforces our goal of creating more jobs in the state.”
In addition to money for private businesses, the $1.5 billion proposal also includes money for public employers, including approximately $114 million for local governments and around $50 million for public schools.
The money would be Ohio’s fifth investment return to private and public employers of at least $1 billion since 2013 and sixth overall during that time.
“Our investment portfolio is strong, our injury claims are falling, and our safety and wellness initiatives are making a difference,” said Administrator McCloud. “All of these actions mean big savings for employers, and we’re delighted to share this success with them.”
State law requires businesses to carry workers’ compensation coverage to protect workers who suffer injuries or illnesses on the job. The employers’ premiums are invested to grow the fund that supports injured worker claims. When investment returns are strong, the agency shares a portion of the investments with qualifying employers in the form of a dividend.
The $1.5 billion dividend equals 88 percent of the premiums employers paid for the policy year that ended June 30, 2018 (calendar year 2017 for public employers). BWC insures roughly 242,000 public and private employers.
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