BWC Board Approves $1.5 Billion Dividend For Employers
Move continues trend of lowering workers' compensation costs
Last month, the Ohio Bureau of Workers' Compensation's (BWC) board of directors voted to approve a proposal from Governor Mike DeWine to send $1.5 billion of the agency’s revenues to Ohio employers.
The BWC will begin sending checks to approximately 180,000 private and public employers in late September. It marks the fifth time since 2013 the agency has returned at least $1 billion to employers following strong investment returns, falling injury claims and other operational efficiencies.
“I am pleased that BWC’s board of directors agreed with our proposal to give this money to qualifying businesses, local governments, and school districts,” said DeWine. “Employers will be able to reinvest these funds in their operations and their employees, which will further strengthen Ohio’s economy.”
Employers are free to spend the funds as they wish, but BWC Administrator/CEO Stephanie McCloud urges businesses to invest in workplace safety.
“Investing in safety reduces the risks for costly workplace injuries,” said McCloud. “It’s good for the health and safety of employees, it’s good for the company’s bottom line and it’s good for our economy.”
In total, the BWC has saved employers nearly $10 billion in workers’ compensation costs th2rough dividends, credits, rate reductions and greater efficiencies since 2011.