News
Date:December 30, 2008
Contact:Public Relations @ (225) 342-3035

Unemployment Insurance Tax Cut to Take Effect And Maximum Weekly Benefit to Increase
Changes Possible Because UI Trust Fund is Strong

BATON ROUGE – Legislation passed in the 2008 regular session that goes into effect Jan.1 would cut unemployment insurance taxes by 10 percent while increasing the maximum weekly benefit amount from $258 to $284.

These changes will remain in effect for as long as the state’s unemployment insurance trust fund balance exceeds $1.4 billion. If the fund were to drop below $1.4 billion, benefit payments and tax rates would revert to the levels in place today.

The fund currently has a balance of $1.45 billion.

“The fact that we are able to increase weekly benefit amounts while also easing the tax burden on employers is a testament to the stability of our unemployment insurance trust fund,” Louisiana Workforce Commission Executive Director Tim Barfield said.

These changes were enacted with the support of business and industry and organized labor.

###

Note: This revision date does not reflect the revision date of the press release shown. Press Release postings are updated as needed and should be considered accurate as shown.