KXNT_35x90 cbssports1140-horizontal-small

News

Employers To Be Billed $25 Per Employee To Refill Unemployment Fund

View Comments
File photo of American money. (Photo by Hugh Pinney/Getty Images)

File photo of American money. (Photo by Hugh Pinney/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

CARSON CITY, Nev. (AP) — Nevada employers will soon be billed an average of $25 per employee per year to cover interest on loans taken to pay out jobless benefits.

The temporary fees come after the Legislature approved a plan to pay about $17 million in interest owed on loans from the federal government.

Administrator Renee Olson of the Department of Employment, Training and Rehabilitation says the current balance on those loans is about $560 million.

Employers contribute to the state’s unemployment trust fund, which is used to pay regular unemployment benefits. But when Nevada’s economy tanked during the recession, the estimated $800 million in the account was quickly depleted.

Olson says Nevada has been borrowing money from the federal government since October 2009 to help pay regular unemployment benefits.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus