Unemployment insurance rates are an important consideration for businesses across the country, and employers in Oklahoma may have a positive change on the horizon thanks to declining tax contributions starting as early as 2015.

This is according to members of the Oklahoma Employment Security Commission, as reported by eCapitol, an Oklahoma-based political news source. If the rate ticks down, it would continue a trend of reductions exhibited in that state over the past several years. Between 2010 and 2013, the amount employers paid into the unemployment insurance trust fund declined, and in 2014, benefits have been down on a yearly basis. A similar drop to the one proposed for 2015 occurred on Jan. 1 of this year.

“I estimate an additional $120 to $130 million in reduction in [unemployment insurance] tax contributions from employers in 2015,” OESC chief financial officer Levi Onwuchuruba told members of the commission, eCapitol reported.

If this tax reduction takes place at the start of next year, it would provide additional relief for employers looking for ways to decrease their existing unemployment insurance tax liabilities.

Oklahoma’s unemployment rate remains low
While the amount that businesses must pay for unemployment insurance is on the way down, Oklahoma’s jobless rate remains relatively low on a monthly basis. According to the OESC, that rate for June was at 4.5 percent, compared to the national rate of 6.1 percent.

In addition, the number of jobs is trending upward as the rate stays low. The OESC reported that the state’s nonfarm employment increased by 9,600 jobs from May to June, while employment levels ticked up by nearly 34,000 on a year-over-year level. Some of the strongest industries for growth during that time have been construction, as well as manufacturing and mining and logging, among others. In June, all nine of the major segments of Oklahoma’s economy added jobs, while seven had yearly growth.

Overall, these trends, and the potential for added reductions to the unemployment insurance tax, should help Oklahoma-based businesses handle the day-to-day expenses of operating in the state. Ideally, these improvements won’t end any time soon, either.

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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(800) 207-6926

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