Listen Online - Listen on Mobile | Mobile App Info

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

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 This material may not be published, broadcast, rewritten or redistributed.)


One Comment

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Las Vegas

Get Started
Introducing Your New Podcast Network

Listen Live