In a press release issued last month, The Department of Labor announced that it is now under Tax Rate Schedule 4. This has triggered a reduction in unemployment insurance tax rates for employers. The press release states that, “the reduction will reduce the highest UI tax rate from 8.4% to 7.7%, and the lowest rate from 1.3% to 1.1%”. Lindsay Kurrle, Commissioner of Labor, noted that the state’s unemployment trust fund is “slowly but steadily recovering from the impacts of the recession”. She also mentioned how this rate reduction is an encouraging step towards making Vermont more affordable for both businesses and workers. You can read the Department of Labor’s press release here.
Do you have further questions regarding VT’s Unemployment Insurance Program? If so check out this helpful FAQ sheet!