New Tax Rates Announced for Utah Employers

The Utah Unemployment Insurance Division announced the 2017 tax rates for Utah employers on Tuesday and thankfully Utah’s steady economy is holding strong. In 2017, 75.8 % of Utah’s established employers will qualify for the minimum contribution rate of 0.2 percent or $66 dollars per employee per year. “Utah’s steady and strong economy over the past several years has enabled us to build up the fund to a healthy level, helping to ensure we can pay increased demand for benefits when the economy slows,” shares Director of Unemployment Insurance, Michelle Beebe. “Employers that have stable workforces and fewer layoffs have lower rates. The best way to control unemployment costs is to re-employ Utah’s skilled workforce.” Just a few years ago the Utah Unemployment Compensation Fund balance was around $253 million dollars. Today the fund has a balance close to $972 million dollars.