March 19, 2013
As the economy stabilizes and employers begin to expand their workforces, expectations for future unemployment tax trends become even more important. Increasing payrolls have multi-faceted implications on tax rates and future costs. After the "Great Recession," the average unemployment tax rate increased 47%, from 2.26% in 2008 to 3.33% in 2012, and the average SUI wage base increased 19%, from $13,862 in 2008 to $16,457 in 2013. Taxes are expected to remain high for the foreseeable future. By understanding the impact their decisions may have on unemployment tax rates, employers can plan ahead and proactively take advantage of opportunities.
As part of this planning process, employers should review their current claims management program. States must improve the integrity of the unemployment insurance system, in part, by passing laws no later than October 2013 that conform to federal legislation that prohibits relief of unemployment benefit charges when employers fail to provide timey and complete information to state workforce agencies. Employers could face higher unemployment benefit charge costs associated with state UI Integrity laws. This makes an efficient claims management program a necessity.
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