Private employers in Ohio could see a substantial reduction of nearly $67 million in premiums for the upcoming fiscal year, thanks to a proposed 7% rate decrease presented to the Ohio Bureau of Workers' Compensation Board of Directors on Friday. 

John Logue, the BWC administrator and CEO, highlighted the proposal's aim to enhance savings for private employers while continuing Ohio's trend of historically low rates. If approved, this reduction would mark the fifth consecutive decrease since Governor Mike DeWine assumed office in 2019, reflecting the state's commitment to workplace safety. Governor DeWine praised Ohio's employers for their dedication to creating safe work environments, attributing the consistent rate reductions to their efforts. 

The proposed rate cut, following a recent 3.9% reduction for public employers, is set to be effective from July 1st if approved at the board's February 23rd meeting. The overall average rate levels for Ohio's 257,000 private and public employers in the BWC system are now at their lowest in at least 60 years, underscoring the state's ongoing efforts to support businesses and maintain an environment conducive to economic growth. 

It's important to note that the actual premium change for individual entities will vary based on factors such as employer type, payroll levels, claims history, and participation in BWC programs.

In conclusion, Governor DeWine's proactive approach, coupled with the Ohio Bureau of Workers' Compensation's signifies a robust commitment to fostering a business-friendly environment, providing private employers with tangible financial relief, and fortifying Ohio's position as a state dedicated to long-term economic prosperity.