The end of 2014 and the beginning of 2015 has been characterized by a number of trends, but one of the largest pertaining to unemployment insurance is a reduction in the UI tax rate for employers on a state-by-state basis.

Joining the list of states with decreases – and significant cost savings – is New Hampshire. In a press release from Gov. Maggie Hassan’s office, the changes were attributed to a strong, solvent Unemployment Compensation Trust Fund, which is used to cover the state’s many unemployment claims each year.

Most notably, Gov. Hassan explained that employers can expect to see savings of more than $37.2 million over the coming three months. Overall, the rate reduction will be 1 percent for all the state’s employers, with a start date of the first quarter of 2015. However, due to New Hampshire law, that decrease can be changed on a quarter-by-quarter basis – either for better or for worse.

“An increasingly strong Unemployment Compensation Trust Fund is great news for businesses, workers and families in the Granite State,” New Hampshire Employment Security Commissioner George Copadis said in the press release. “Our unemployment tax rate remains one of the lowest in the country, and this rate is getting even lower effective this week as every New Hampshire employer will see a one-percent reduction, resulting in $37.2 million in real tax savings.”

NH unemployment rate below the national figure
While the lowest unemployment rates in the country are typically out in the Midwest and the Great Plains, New Hampshire isn’t too far behind.

“New Hampshire employers could save more than $37 million over the next three months.”

According to NHES, the state’s rate was only 4.1 percent for November, down 0.1 percent compared to October. At the same time in 2013, that rate was at 5.2 percent. The Bureau of Labor Statistics had the national rate at 5.8 percent for November 2014.

Furthermore, the number of employed residents in New Hampshire increased on a monthly basis. The state gained 3,160 workers from October to November, and 9,500 from November 2013 to November 2014. Unemployed residents dropped by 700 people on a month-over-month level.

Given the current trends in New Hampshire and the country, employers have reason to believe that the positive changes to unemployment insurance will continue throughout 2015.

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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