Unemployment Insurance To Cost Employers 70% More
The severe economic downturn that has put an unprecedented number of workers in line for unemployment benefits will drive the tax rates employers pay to support the benefit program up 70 percent in 2009. The new rates will still be slightly lower than the rates in 2006.
Idaho Department of Labor Director Roger Madsen announced the rate increase on Wednesday to the Workforce Development Council meeting in Boise.
The across-the-board increase in the more than a dozen rate classes is mandated by legislation developed by business and labor and approved unanimously by the Legislature in 2005. In conjunction with the increase in employer tax rates, the maximum weekly benefit for workers will decline about 3 percent.
Another 8,400 workers, who have exhausted their state unemployment benefits, are receiving additional benefits under the federally financed extended benefits program.
Tags: benefit program, boise, department of labor, economic downturn, employer tax, legislation, madsen, rate increase, state unemployment benefits, tax rates, unemployment insurance, unprecedented number, workforce development council
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