Tennessee business will get to pay less into the state’s unemployment trust fund, at least for a little while. It’s first time there’s been a decrease in three years. Payments are going down about one percent, but the decrease could be short lived. Danny Burk is with the Department of Labor and Workforce Development.
“It’s certainly conceivable, if not likely, that rates would change again on January 1.”
The amount of money in the trust fund can fluctuate wildly. Just two years ago, the amount was so low the state needed loans and federal stimulus money to pay out benefits. Now Tennessee has over $568 million in the unemployment trust fund. Burk says the fund has replenished because of a lower jobless rate. Also, the General Assembly increased the amount of a worker’s salary that’s subject to the tax.
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