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CRAIG T. KOJIMA / MAY 14
The unemployment rate in Hawaii has now been below 5 percent for 18 straight months. Employers and jobseekers at Hawaii's biggest job fair held three times a year at the Blaisdell Exhibition Hall.
Hawaii employers will pay $50 million less in taxes next year as a result of state unemployment insurance contribution rates being reduced an average 22 percent, the state Department of Labor and Industrial Relations said Monday.
The reduction will work out to an average of $100 less per employee.
Hawaii’s unemployment rate has dropped to 4.1 percent from 6.8 percent in December 2010, which has helped contribute to the replenishment of the Unemployment Compensation Trust Fund. As of October, Hawaii had the sixth lowest unemployment rate among states. Hawaii’s civilian labor force reached a record of 667,750 persons in October.
“This is welcome news to many small businesses throughout the state who can now consider investing the savings in their businesses and personnel,” Gov. David Ige said. “The Trust Fund is designed to replenish its balance when times are better so the taxes on employers do not rise when the economy falters and when employers can least afford higher taxes.”
