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Implementing effective strategies to manage your unemployment costs is incredibly important. However, that goal can be sidetracked on a state level, as debt in the unemployment system will lead to higher tax rates for employers.

This is the case in Ohio, as a $1.4 billion debt has resulted in an increase on employers’ 2015 tax bill, according to Ohio-based media outlet The Columbus Dispatch. On a company-by-company basis, that will likely equal $105 per tax hike. This added expense has caught the eyes of state lawmakers, however, and potential changes could be coming to remove some of that debt and provide relief to local employers.

The Columbus Dispatch explained that hearings are underway in Ohio to discuss potential methods to improve the current unemployment insurance system. While removing the debt is certainly a priority, lawmakers believe that this is would only address one part of the existing problem.

“Without fixing our unemployment system, we do ourselves no favors paying this debt back,” said committee chairwoman Barbara Sears, R-Sylvania, the media outlet reported.

The ideal course of action would keep relief for the unemployed in place, but also remove some of the pressure on employers to pick up the slack. This will likely mean compromises and a unique approach.

Ohio unemployment rate below national level
As lawmakers debate how to improve the current system, Ohio is currently in the midst of a small uptick in employment opportunities.

According to the Ohio Department of Job and Family Services, the state’s unemployment rate was at 5.5 percent in June, the same as it was in May. The national average during that time was 6.1 percent. In addition, nonfarm wage and salary employment climbed by 12,700 month-over-month. The number of jobless workers decreased in from May to June, now at 316,000 compared to 317,000. The past 12 months have also experienced a declining trend.

Several sectors were particularly strong in June, with goods-producing industries creating more than 3,000 new jobs on a monthly basis. The private service-providing sector reported more than 12,000 new jobs during that time.

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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