SAME GREAT CONTENT, NEW NAME!
As we continue to evolve and create products that best fit our clients’ needs, we are excited to announce that Thomas & Company’s Unemployment Insurance News and Updates bulletin will now be known as Industry News and Updates. Expanding our range of communication will allow us to provide the same great content without limiting ourselves to just unemployment news. Be on the lookout as we continue to bring you the latest news and updates!
MAINE – DEPARTMENT OF LABOR LAUNCES VIRTUAL CAREERCENTER
The newly launched Work Source Maine Virtual CareerCenter will act as a knowledge base for both job seekers and employers. The platform will provide access to personalized job search tools, resume-building resources, and virtual hiring events for job seekers. Meanwhile, it will also provide employers with recruitment and retention resources, including hiring incentives, workforce development programs, and guidance on labor laws and best practices.
DID YOU KNOW? THE UNEMPLOYMENT BASE PERIOD
While qualification requirements vary by state, most states will look at wages earned in the base period to determine claimant eligibility. The most commonly used base period calculation is the first four of the last five completed calendar quarters. Neither the current calendar quarter (filing quarter) nor the most recent prior quarter (lag quarter) are used.
Depending on the state, an alternate base period or an extended base period may be used if an individual does not qualify under the standard base period and/or there are extenuating circumstances.
IOWA – UNEMPLOYMENT BILL MAY PROVIDE TAX BREAKS FOR EMPLOYERS
A proposal by Governor Kim Reynolds, backed by Iowa Senate Republicans, would reduce employer unemployment taxes by nearly $1 billion over five years. The state’s Trust Fund Balance, according to the Governor’s office, is at an all-time high and exceeds what is necessary to support the program.
The bill would cut the taxable wage base in half, reducing it to $19,000, down from its current $38,000. Furthermore, the bill would lower the maximum unemployment tax rate to 5.4%, down from its current 7%. The bill would also reduce the number of tax tables and encourages employers to use any savings received to hire more employees, increase wages/benefits, and/or use as an alternative to unemployment benefits during periods of seasonal unemployment.
This is the second year Governor Reynolds has proposed these cuts. Last year, it met resistance as fear about long-term solvency stopped the bill from passage.
Thomas & Company will continue to monitor all legislation as it makes its way through the legislative process.
