Once again, Ohio employers are poised to get rebates from the state’s Bureau of Workers Compensation.
This year they are likely to get $1.5 billion dollars in payments rebated, which is about 85% of what they paid into the system over the course of the year.
The rebate would bring the total amount of money returned to employers since 2011 to over $8 billion dollars, and is the largest rebate of the last 20 years.
It wasn’t long ago that Ohio was near the top of the list of highest rates charged for workers compensation insurance.
Currently they have dropped on that list to 11th. With employers paying less and getting money back fairly consistently over the past few years things are being pitched in a positive light by the Kasich administration.
The idea is that the bureau’s money managers are making good investments and getting a hand from positive moves in the market that are creating good returns that allow for the rebates.
The rebate announcement was made at Land-Grant Brewery this year.
The business is expecting to receive a roughly $9,000 rebate sometime in July.
That money will go toward continuing to expand their business and will dovetail with a $40,000 safety grant from the bureau to pay for two pieces of equipment that will create a safer work environment at the brewery.
One machine removes the necessity for employees to climb dozens of feet up a ladder with a 40-pound bag of hops to add to a vat as part of the beer making process.
The machine which will be stationed on the ground will allow the employees to add the hops with both feet safely on the floor and carries the added benefits of allowing for less product to be used to accomplish the same, if not tastier, effect.
An important part of the equation is the increases in efficiency and safety do not come at the cost of any human positions.
In addition to businesses getting the rebate, local governments and school districts will also be receiving money back as they too pay into the program.
Some entities that use a different payment method that estimates the total amount that would be paid over the year, with a settle-up function at the end of it, will get their rebate checks later this fall.
Otherwise, most businesses will start to see their checks in the mail in July.