Lower comp costs are good for Ohio
Ohioans have plenty of reason to worry about prices that just seem to keep going up and up, but there may be good news ahead for the state’s private employers. Because of prioritized health and safety measures in our workplaces — and at least one state agency willing to take into account how the work done by those who pay taxes and fees might make a difference in what needs to be paid — the state Bureau of Workers’ Compensation board of directors will be considering yet another rate reduction in February.
“At (Gov. Mike) DeWine’s request, we are proposing a new rate reduction for private employers,” said Administrator/CEO Stephanie McCloud. “Our low and steady rates are due to Ohio’s workforce and their continued dedication to creating a safe workplace.”
In fact, private employers and their workforce have gotten so good at focusing on health and safety measures that, if approved, this will be the sixth consecutive rate reduction. The 6 percent rate reduction would also be the 16th in 17 years, going back to 2008.
That is impressive, given that the change indicates a determination on the part of private employers to do right by their workers.
The prospect of paying approximately $60 million less in this year’s premiums is just icing on the cake.
According to the BWC, average rate levels for the state’s employers (public and private) are the lowest they have been in more than 60 years. That is wonderful news for all of us.
Dedication to health and safety measure in the workplace must not wane, of course. But assuming the board of directors approves the latest cut, a moment of congratulations will be in order for the commitment that got us there.