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Monday, February 19 2018 @ 12:58 AM AKST

Legislation Leads to Further UI Reductions

Alaska BusinessOctober 13, 2014, Anchorage, Alaska – Governor Sean Parnell today announced that for the second year in a row, Alaskans will see a reduction in the unemployment insurance tax rate.

“This is a very strong indicator that Alaska’s economy continues to move in the right direction,” Governor Parnell said. “Alaska workers and employers will save as the tax rate continues to decrease.”

The Alaska Department of Labor and Workforce Development projects the average combined tax rate will be reduced by roughly 20 percent in 2015, savings estimated at $40 million. Alaska workers pay 27 percent of the average benefit costs and employers pay 73 percent.

The reduction will be due in part to the governor’s bill updating Alaska’s unemployment insurance system, allowing for suspension of increases when the Alaska UI Trust Fund is deemed solvent and removing limitations on decreases.

The UI tax rate reduction for 2015 is also due to Alaska’s healthy economy that has seen a decrease in the number of unemployment insurance benefit claims.

The Alaska Department of Labor will begin mailing final 2015 rate notices to Alaska employers in early December.

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