Governor Matt Bevin announced Thursday the Kentucky Education and Workforce Development Cabinet will suspend the current unemployment insurance (UI) surcharge for contributing employers, effective immediately.
The state’s approximately 91,000 employers have been paying a surcharge assessment, currently 0.21 percent of their taxable wage base of $10,200 per employee, since January 1, 2014.
Cabinet officials estimate this action will save Kentucky companies as much as $34.2 million annually.
Legislation initiated by former Governor Steve Beshear’s task force passed the General Assembly in 2010, realigning both benefit levels and assessments on business to help restore the fund to solvency.
In April 2012, the Kentucky General Assembly passed House Bill 495 (now KRS 341.614), establishing a UI surcharge to address approximately $55 million in unpaid interest to the federal government.
Individuals and employers can find full details about unemployment insurance at Kentucky’s Electronic Workplace for Employment Services, www.KEWES.ky.gov.
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