NFIB Negotiates Unemployment Insurance Trust Fund Deficit

Date: January 20, 2022

NFIB joined select business groups, organized labor, and the Governor’s Office in meetings to address the $4.2 Billion deficit in the Unemployment Insurance Trust Fund. This fund pays out Unemployment Insurance claims to laid off workers and is funded from taxes on employers. The first meeting occurred on January 11 and will continue every Tuesday evening until an agreement is reached on how to repay the deficit funds. These negotiations are traditionally confidential and result in a mutually agreeable resolution. The full repayment of the deficit is due on November 10 this year, so a resolution is imperative. Failure to payoff the full deficit by the November 10 date will result in substantial increased taxes on employers.

 

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