Vermont businesses should see a $28 million reduction in expenses this year from lower workers’ compensation and unemployment insurance costs.
Democratic House Speaker Mitzi Johnson tells the Rutland Herald the state Department of Labor projected there will be a $76 million reduction in unemployment insurance payments over the next half-decade.
The Associated Industries of Vermont says the unemployment insurance burden on Vermont employers following the recession was more than double the national average.
Data from the Department of Financial Regulation indicates workers compensation rates are also expected to fall, resulting in $15.5 million in savings.
Democratic Senate President Pro Tem Tim Ashe says many employers will receive a “nice little booster shot,” in the form of thousands of dollars on their bottom line.
Information from: Rutland Herald
Topics Legislation Vermont
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