Open Modal

New Law Cuts Unemployment Insurance Tax Rates

(AP) — Hawaii Gov. David Ige has signed legislation temporarily reducing the unemployment insurance tax rate employers must pay for their workers. The jobless surge since the start of the coronavirus pandemic last year rapidly depleted Hawai’i’s unemployment insurance trust fund. That triggered what under the old law would have been a sharp hike in tax rates to replenish the fund. State leaders decided to cut the rate employers have to pay this year and next year to prevent employers from having to shoulder that burden at a time when businesses are already struggling with pandemic public health restrictions and a weak economy.

 

© copyright 2021 Associated Press. All rights reserved

Recommended Posts

Loading...