The head of the South Carolina employment office says the trust fund that pays benefits to out-of-work residents is projected to run out of money in January.
Employment Security Commission chief Ted Halley said Sept. 19 the increasing number of people collecting jobless benefits in the state coupled with lower employment tax collections has depleted the $130 million fund. The fund had $800 million seven years ago.
Halley says he has never seen the trust fund run out of money in his 37 years at the agency. Benefits would continue to be paid with a loan from the federal government.
South Carolina has had a high jobless rate in the past year. An additional 14,000 people sought unemployment benefits in August, pushing the jobless rate to 7.6 percent.
Was this article valuable?
Here are more articles you may enjoy.
Baldwin Group to Go Private After $7.7B Investment Deal 
Another Tanker Suffers Failure as Crew Suspect Cyber Attack 
Aon Raises $13.5 Billion From Bond Sale to Fund USI Takeover 
Morgan & Morgan Plans to Spend $1B on AI Platform in Coming Years 
