Ohio Employers will receive funds in order to ease COVID-19's impact in the state.
The Ohio Bureau of Worker's Compensation (BWC) has issued $5 billion in dividends to Ohio Employers, which will bring total 2020 dividend numbers to nearly $8 billion.
According to the BWC, 178,415 private and public employers covered by the State Insurance Fund are eligible for the latest dividend through a combination of checks in the mail and credits to their BWC accounts.
"We're happy to be in the position to assist employers across the state during these challenging times," said BWC Interim Administrator/CEO John Logue in a press release. "It's our hope these dollars will keep businesses open and safe and people employed.
$4.3 billion will go to private employers and $687 million will go to local government taxing districts, such as counties, cities, townships, and schools.
The BWC state that they will first apply the dividend to an employer's unpaid balance, then send a check for the rest. Checks will be mailed out in several batches over the next week.
Previously, the BWC issued a $1.54 billion dividend in April of this year, with another one following in October for $1.3 billion. The dividends were made possible by investment returns on employee premiums, a declining number of injury claims, and prudent fiscal management, the BWC states.
The latest dividend is nearly four times the premium employers paid in the policy year 2019.
