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Monday, February 19 2018 @ 12:54 AM AKST

2015 Payroll Tax Rates Reduced 19 Percent

Alaska BusinessNovember 19, 2014, Anchorage, Alaska – Governor Sean Parnell today announced that Alaskans’ average unemployment insurance (UI) tax rates for 2015 will be reduced 19 percent. This is the second year in a row Alaskans will hold onto more of their hard-earned money – UI contributions were reduced 22 percent this year.

“These reductions over two years represent a savings of $91 million, money that Alaskans are keeping in their pockets,” Governor Parnell said. “Alaska’s UI Trust Fund is fully solvent and at pre-recession levels. This ensures the trust will continue to be a safety net in times of need for Alaskans who pay into the system.”

The current balance of the UI trust fund is $399.68 million. The average combined UI tax rate for calendar year 2015 is 2.1 percent, compared to 2014’s 2.59 percent. The 2013 rate was 3.32 percent.

The two-year reductions are due, in part, to the governor’s legislation that allowed for a suspension of UI increases when the Alaska UI Trust Fund is deemed solvent and removing limitations on decreases.

Alaska workers pay 27 percent of the average benefit costs and employers pay 73 percent.

The Alaska Department of Labor and Workforce Development will begin mailing final 2015 rate notices to Alaska employers the first week in December.

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