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Hawaii unemployment taxes to drop $300 per employee next year

By Alan Yonan

POSTED:
LAST UPDATED: 03:50 p.m. HST, Dec 19, 2013


State unemployment taxes paid by Hawaii businesses will drop an average of $300 per employee annually in 2014 as a result of a rebound in the fund used to pay jobless benefits.

Employers will pay an average of $587 per employee, down 34 percent from $887 per employee in 2013, the Department of Labor and Industrial Relations said today.

The fund has grown as the number of unemployed workers drawing benefits has decreased. The fund balance for 2013 is estimated to be around $300 million, up from $104 million in 2012, according to the Labor Department.

"This is welcome news to many small businesses throughout the state who can now consider investing the savings in their businesses and personnel," Gov. Neal Abercrombie said in a written statement.

Hawaii's unemployment rate dropped to 4.4 percent in November from a peak of 7.1 percent during the 2008-2009 recession.







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Anonymous wrote:
"This is welcome news to many small businesses throughout the state who can now consider investing the savings in their businesses and personnel," Yes, this is welcome news. Some small businesses will now be able to pay off some of the debt they've incurred over the past couple of years.
on December 19,2013 | 01:43PM
holumuahawaii wrote:
Inasmuch that there are about 500,000 people employed in the private sector in Hawaii, that will amount to a savings of around. $150,000,000 to employers. Saving $150 million is a very good thing!
on December 19,2013 | 09:23PM
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