Trends have been positive in South Carolina as of late. The state has recently experienced steadily improving unemployment numbers, increased job creation and an added emphasis on cutting the expenses facing local businesses.

Now, there is even more good news for The Palmetto State – an early repayment to its Unemployment Trust Fund Loan will end up saving over $1 million for employers and other taxpayers, according to the South Carolina Department of Employment and Workforce.

“Making this $60 million early repayment and saving the taxpayers and businesses of South Carolina $1.4 million in interest is great news and exactly what is possible when a state sees the kind of economic growth and success that we have,” Gov. Nikki Haley said in a statement. “With our unemployment rate at a six year low and more people working than ever before, it’s clear we are moving in the right direction and today’s announcement is further proof that it’s paying off for the people of our state.”

Now, the state’s outstanding loan balance is at $396 million, down from the original $977 million borrowed from the U.S. government, DEW reported. At this rate, the entire amount will have been paid off by the end of 2015. Between October 2013 and April 2014, South Carolina paid roughly $23 million less in unemployment insurance benefits compared to prior years.

Job creation can further help alleviate burden
Overall, South Carolina is headed in the right direction in terms of the jobless rate and unemployment insurance.

“South Carolina has seen 10 consecutive months of a declining unemployment rate,” Cheryl Stanton, DEW executive director, said in a statement. “The state’s economy is on the right track. More South Carolinians are working now than ever before. Businesses and workforce partners continue to work every day to make sure we get every South Carolinian back to work.”

In addition, job creation initiatives have appeared across the state, helping to relieve some of the burden on taxpayers covering out-of-work citizens’ unemployment insurance benefits. According to HeraldOnline.com, Chester County could be home to a new manufacturing prospect, leading to thousands of job openings for a part of the state that’s currently battling high unemployment. The proposal is accompanied by a $560 million investment, helping fund more employment opportunities.

At Corporate Cost Control, we work closely with employers across the country to better manage the nuances of unemployment insurance. Legislation changes on the state level could impact you today, and we welcome any questions or concerns you may have on a wide range of topics.


Contact CCC to see how we can save your organization time and money.
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