Unemployment insurance tax rate to decrease

Published On: Dec 20 2013 11:33:02 AM HST
HONOLULU -

Governor Neil Abercrombie has announced big cuts to the unemployment insurance tax rate.

In 2014, employers will spend about $300 dollars less per employee on average.

The Department of Labor and Industrial Relations says employers overall will pay $130 million less in unemployment insurance taxes.

That's about 35% less than in previous years.

The state department of labor and industrial relations evaluates the unemployment trust fund each year and the balance determines the rate.

The balance has grown as unemployment in Hawaii has dropped about two and half percentage points in the last three years.

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