Our Chamber was shocked when hearing the impact of the very recent solvency fund assessment increase and consequential cost to our MA businesses. If you are not familiar with the fund please read the article published in The Republican, April 8th by Steph Solis by clicking here. We are asking you to share this Call To Action free event with your members.
Massachusetts recently released their 2021 Unemployment Tax Rates to applicable employers. Shockingly, they have increased the solvency rating factor by 1600% which has resulted in many employers experiencing double, triple or quadruple their 2020 UI tax rate! This increase is attributed to the historical amount of unemployment claims paid during the pandemic. For some employers this means thousands of dollars, while some will experience hundreds of thousands or millions in unemployment cost increases. Massachusetts has stated this increase coincides with their normal statutory mechanisms, but the Covid-19 unemployment environment has been anything but normal. Employers have made countless sacrifices during the pandemic and some are still struggling. Worst yet, some businesses have had little to no unemployment claims filed against them but will still be hit by this universal increase.
- Explain the solvency assessment increase and add clarity to what businesses will be liable for.
- Help you easily identify what your business can project for UI cost increases in 2021.
- Get insight into what business-driven and political steps are being taken now and goals for the future.
- Explore what options businesses have for their voices to be heard.
We look forward to seeing all of you on Thursday to discuss this urgent and timely issue! If you have questions, feel free to email Chamber@ERC5.com.
Please share with any and all MA business contacts! Tile attached for your convenience.
The Event is Free, registration is required.
Click here to register at ERC5.com