Business Excellence Awards
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BOSTON – The $127.1 million supplemental budget signed by Gov. Deval L. Patrick last week aims to provide immediate relief to Massachusetts businesses by freezing employer contributions to the Unemployment Insurance Trust Fund.
This new law prevents a scheduled rate hike from taking effect, helping to save businesses $421 million in fiscal 2012. According to a news release, employer contributions into the Unemployment Insurance Trust Fund are tied to the amount of reserves in the fund. A scheduled increase was triggered on Jan. 1, 2012. Employers would have seen an average increase of $173 per employee.
According to the Patrick administration, the governor’s efforts have saved Massachusetts businesses approximately $1.2 billion in the last three years by freezing unemployment-insurance rate increases. •