The topic of unemployment insurance has been on the minds of the federal government and individual state governments as of late. To address this issue, a new piece of legislation in New Mexico would cut the amount of unemployment benefits for each of the state’s residents.

New Mexico faces high jobless rate
At the moment, New Mexico is under pressure to both reduce its number of unemployed and cut the contributions employers make into the state’s unemployment trust fund.

According to the New Mexico Department of Workforce Solutions, the state jobless rate was at 6.1 percent in December 2014. That is a slight drop from the previous month’s figure of 6.4 percent, but it is still above the national average. Between December 2013 and December 2014, New Mexico’s job growth reached 1.7 percent, good for more than 13,000 new jobs. Recent growth has been bolstered by an improved economy and burgeoning industries.

New Mexico wants to ease pressure on employers
The recent proposal in New Mexico comes from Rep. Larry Larrañaga, of Albuquerque. According to the Albuquerque Journal, Larrañaga’s HB 482 would reduce the maximum amount of benefits an eligible resident could receive.

The bill recently passed the first stage of the legislative process, gaining approval from the New Mexico House Business and Employment Committee. If it passes the next stages, the legislation has the ability to save employers in the state a fair amount of money.

“Employers are excited about the potential of HB 482.”

“ACI has heard from many of our members that rising unemployment insurance rates are creating a burden to doing business in the state,” said Beverlee McClure, president and CEO of Association of Commerce and Industry, in an email to the media outlet.

A previous change to New Mexico’s unemployment insurance system actually led to rate increases for employers, but the new legislation would drop the cap for benefits, thus saving money and limiting the financial impact on the state’s businesses.

From an industry perspective, HB 482 has support. Despite being in its early stages, the potential to limit the costs for local businesses has many local leaders excited about its potential.

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.
Contact our Sales Team
(800) 207-6926

Featured Videos

View All Videos

Latest News

Close

Sales

    Your Name:*

    Title:

    Company Name:*

    Company Address:

    Company City:

    Company State:

    Company Zip:

    Number of Employees:

    Your Email:*

    Phone Number:*

    Fax Number:

    Check the boxes below if you wish to receive information on any of the following:

    Unemployment Cost ControlTax Credits & Incentives (WOTC)Employment / Wage Verification

    Your Message:

    Employment & Income Verfication

      Your Name:*

      Title:

      Company Name:*

      Company Address:

      Company City:

      Company State:

      Company Zip:

      Number of Employees:

      Your Email:*

      Phone Number:*

      Fax Number:

      Your Message: