Private employers covered by the Ohio Bureau of Workers' Compensation are going to get another rate cut, this time 8%.

The bureau's board signed off Friday on the reduction that will save the employers $90 million in the next fiscal year that begins July 1, the bureau said.

This bureau has cut rates for the private employers it covers every year since 2011 except 2017. Rates are down 62.6% over that period, and the bureau says workers' compensation rates in Ohio are among the lowest in the country.

For public employers such as cities, school districts and townships, rates went up 0.6% on Jan. 1, the first increase since 2017.

The rates for public employers are down 55.5% since 2011.

The bureau says rates for the 257,000 public and private employers are the lowest in Ohio in more than 60 years.

In addition to the rate cuts, the bureau has handed out billions of dollars in dividends, including a $5 billion dividend in 2020 during the pandemic meant to help businesses and public employers ride out the coronavirus.

Over the years, the bureau has credited declining workers' comp rates to fewer workplace injuries and less than expected medical inflation coupled with the bureau's return on its investments.

The 8% cut is a state average. The actual premium an individual company will pay depends on several factors, including the expected future clams in that industry, the company's recent claims history and the company's participation in bureau safety programs.

The Ohio Chamber welcomed the rate cut.

"Lower workers' compensation premiums are no accident," Steve Stivers, the chamber's CEO, said in a statement. "Ohio employers are prioritizing safety by making investments in new technologies and safety equipment at their workplace."

mawilliams@dispatch.com

@BizMarkWilliams

This article originally appeared on The Columbus Dispatch: New rate cut will save private employers $90 million this year