The Alaskan Department of Labor has issued notifications to businesses throughout the state letting them know that they will be paying more for unemployment insurance next year. The new rates have yet to be reviewed by the state’s insurance regulators, but insurance companies claim that higher rates are necessary to ensure that the state’s unemployment trust fund remains solvent and that insurers themselves have to recover from high unemployment rates. Governor Sean Parnell argues that the rates are excessive, as the state’s trust fund holds more than $234 million and…
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Michigan’s unemployment insurance system to see reform next year
Governor Rick Snyder has plans to reform Michigan’s unemployment insurance system. According to the Governor, the reformation will reflect the administration’s plan to reinvigorate the state economy. Snyder has proposed a plan to the state Legislature he calls “work sharing.” Essentially, the plan would prevent employers from making layoffs by having them cut the hours given to their non-essential workforce. The Legislature is mulling over another plan to extend aid to those that have lost their jobs in an attempt to help them start their own businesses. Work sharing programs…
Read MoreIllinois legislators revamp the state’s unemployment insurance program to help pay off debt
The Illinois Legislature has passed a new legislation that could save the state millions on unemployment insurance. The legislation is expected to net taxpayers’ savings of approximately $240 million and the state another $1.6 billion in federal taxes. The new legislation will allow the state’s Department of Employment Security to pay off some of the debt the state incurred from borrowing money from the Federal Unemployment Account in early 2008 in an effort to keep unemployment benefits afloat. The new plan will reward businesses that have avoided layoffs with an…
Read MoreGreat American Insurance customers can obtain job loss protection
Great American Insurance, a company based in Cincinnati, has announced that it is offering a new form of policy that can help to ensure that workers will be able to maintain at least half of their incomes should they be laid off. This type of protection has the potential to assist hundreds of thousands of individuals in the middle- to higher-income group. Aside from this new form of coverage, the primary option available to workers who have lost their jobs is to collect unemployment checks that will provide them –…
Read MoreState agency to refund businesses over high unemployment insurance rates
Several businesses in South Carolina are about to receive refunds from the Department of Employment and Workforce as the state Legislature reaches a decision on what to do with a surplus of funds. Businesses have had a turbulent past with unemployment insurance rates in the past as the state made attempts to free itself from federal debt. The Department of Employment and Workforce had offered insurance coverage for businesses at rates far lower any private insurance company could offer. This quickly put the agency in financial turmoil as it ran…
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