Only economic growth will deliver permanent rate relief for employers
Concord, NH – Senate Majority Leader Jeb Bradley (R-Wolfeboro) today applauded the half-percent reduction in Unemployment Compensation Surcharges on New Hampshire business, announced by Labor Commissioner George Copadis.
“I want to thank Commissioner Copadis for his stewardship of the Unemployment Trust Fund, which made today’s announcement possible,” Bradley said. “There’s more work to be done, as all employers are still paying a 0.5% more than they would if the Trust Fund were fully funded. And the rate will automatically increase in three months if we can’t get New Hampshire’s economy moving.”
New Hampshire businesses have been paying higher UC rates since 2004, when the Unemployment Trust Fund dropped below $300 million. As the Trust Fund rebounded, three of the four surcharges have now been removed. But the Department of Labor now projects that the UC Trust Fund will drop below $275 million next quarter, increasing rates by 0.5% for the rest of the year.
“In order to deliver permanent rate relief to New Hampshire employers, we need to not only protect the UC Trust Fund, but grow the New Hampshire economy,” Bradley added. “Republican tax reforms are already helping boost New Hampshire’s economy, and that will be our focus throughout this session.”