Unemployment Insurance Trust Fund Public Hearing Set

The special legislative committee appointed to address the UI trust fund solvency issues seems poised to increase the taxable base wage and yet do little to address the benefit side of the equations. 

We are urging the legislature to support a balanced approach including benefit adjustments and ineligibility for being fired for misconduct.  Addressing the insolvency of the unemployment trust fund sooner rather than later will be less expensive in the long run, but small business cannot bear the burden alone.  Let your voices be heard, small business!
 
Emerson Lynn, Editor of the St. Albans Messenger couldn’t have said it better; “So here is the choice: Keep the present benefits package intact. Raise the taxable wage level from $8,000 to $21,500. Borrow $343 million [from the federal government]. Get the trust fund back to about even in 2018 and pray for 15 years of continual economic expansion. Or, trim benefits modestly [still offer more than the national average], borrow $123 million, raise the taxable wage level modestly, and end up with a $200 million surplus in 2018.
 
As NFIB/VT closes out a series of regional meeting that have been held around the state the legislature will host the public hearing on the unemployment insurance trust fund.  Thank you to those who have turned out to the regional meetings; but please don’t stop there – come on November 4th for the legislative hearing on the UI fund to let lawmakers know how higher payroll taxes will impact your bottom line.

Unemployment Insurance (UI) Trust Fund Public Hearing
November 4th, 4-6 p.m.
State House Room 11, Montpelier.
RSVP to Shawn.Shouldice@NFIB.org or call 802-498-0059