Added: Nov 19, 2008
From: employmentcrossing
Duration: 3:15
www.EmploymentCrossing.com Michigans struggling economy is depleting a fund that pays benefits to the unemployed.. So a special Solvency tax will be placed on 34,000 employers to replenish, beginning in January. The state unemployment trust fund had $120 million left at the end of July according to the latest figures. All Michigan employers will be taxed in 2010 to repay money borrowed from the Department of Labor according to the Michigan Unemployment Insurance Agency. Michigan has borrowed $1 billion from the Department of Labor since 2006 and still owes $376 million. Michigans unemployment rate in August was an 8.9% percent was the highest in the nation. Its the first time in at least 15 years that the solvency tax has kicked in.
Channel: News
Tags: 000 34 department economy employers fund labor michigan of state trust unemployment
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