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The past several weeks have seen a number of states announce lower unemployment insurance tax rates for 2015. Now, Utah has joined that list, giving employers something else to look forward to during the coming year.

The Utah State Department of Workforce Services announced a tax rate decrease of roughly 13.2 percent for employers, according to local media outlet the Standard-Examiner. This change is related to the increase in the taxable wage base and an improved UI fund, while employers can expect to be charged between 0.3 percent to 7.3 percent, depending on their history with unemployment benefits.

“Utah’s contribution rate formulas are designed to build the fund up when we have a strong economy to pay increased benefits when the economy slows,” explained Bill Starks, director of the Utah Unemployment Insurance Division, according to the media outlet. “Like auto insurance rates that vary dependent on a driver’s safety record, employers that have stable workforces and fewer layoffs have lower rates.”

Overall, the state’s unemployment compensation fund has grown substantially over the past few years, now at $837 million, the Standard-Examiner reported. This will be another factor that helps keep taxes affordable for employers.

Utah maintains lower jobless rate
In addition to the positive news related to unemployment insurance, Utah is also home to a relatively low jobless rate.

“Economic gains in Utah have helped lower employers’ tax burden.”

According to the Department of Workforce Services, Utah’s unemployment rate was at 3.6 percent in October, the same as it was in September. There were only roughly 51,000 unemployed residents in the state during that time. By comparison, the national unemployment rate was at 5.8 percent in October.

“The economic engine of our state has continued to move forward at a stable pace,” Carrie Mayne, chief economist at the Department of Workforce Services, said in a statement. “Jobs continue to be posted across all industries, and as the weather changes we will likely see some shifts in the types of positions that are available for our state’s job seekers.”

The industries with the strongest labor gains were construction, with 9,300 new jobs from October 2013 to October 2014, and trade, transportation and utilities, with 8,700 new jobs during that time period.

Juggling tax rates and difficult employees can become challenging at your company. Here at Corporate Cost Control, we understand these problems and are well-positioned to help. Our extensive background in cost control and human resources will allow you to better manage your unemployment insurance expenses.


Contact CCC to see how we can save your organization time and money.
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(800) 207-6926

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