Friday, March 9, 2012

Governor Abercrombie Signs Unemployment Insurance Bill Into Law

Today, Governor Neil Abercrombie signed House Bill 2096, which extends the mitigation of the Unemployment Insurance tax increase through calendar year 2012, into law.

This is the sixth measure the Governor has enacted into law this legislative session and comes at a pivotal time as the state's economy continues its slow recovery. The legislation allows local businesses to save hundreds of dollars per employee annually in Unemployment Insurance tax contributions. These savings may make the difference between staying in business or not, allowing companies to hire additional employees, and preventing businesses from laying off current employees.

The bill also continues the Maximum Weekly Benefit Amount at 75 percent of the Average Weekly Wage rather than return to the normal 70 percent. The legislation also permits the Unemployment Insurance Fund to accept loans from the state general fund and the federal government, if necessary.

Governor Abercrombie signing House Bill 2096 into law.

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