Gov. Bob Taft announced a 75 percent dividend on workers' compensation premiums for Ohio's private employers. The dividend for most small and medium-size businesses will appear as a one time credit on the bill they receive in December 1999. The cut is expected to save Ohio businesses more than $622 million.
"As we approach the next century, it is clear the workers' comp system in Ohio is headed in the right direction. While other states are raising their costs, Ohio's continue to fall," said Taft. "This dividend means that we have saved Ohio businesses, consumers and taxpayers more than $1.4 billion in workers' comp costs in 1999, and we have done it without impacting the benefits to those injured on the job."
James Conrad, administrator and CEO of the Bureau of Workers' Compensation (BWC) presented the dividend credit to the Workers' Compensation Oversight Commission who approved it at their November meeting.
"I am proud we are able to save money for Ohio's employers at the same time we are improving the service and speeding up the claims process for injured workers," said Conrad. "I urge businesses to invest this money in workplace safety. A safer workplace means lower costs to businesses and a safer environment for Ohio's workforce."