Please do not leave this page until complete. This can take a few moments.
Gov. Charlie Baker had hoped the Legislature would act quickly on a business relief bill he filed last month, but lawmakers were unable to get the proposal across the finish line before the last session ended, prompting Baker to restart his push Wednesday.
Baker announced he would refile a bill later in the afternoon freezing the rate schedule for unemployment insurance trust fund contributions, softening the blow from a nearly 60 percent average increase to a roughly 17 percent hike.
The new rates kicked into effect when the calendar flipped to 2021, triggered to keep the unemployment fund above water amid massive demand for joblessness aid, but Baker said his legislation would charge employers a lower cost retroactively once bills are due.
"While we wish this legislation could have been passed before the end of the last legislative session, we're committed to providing this important relief for employers early this year and to ensure the solvency of the UI Trust Fund," Baker said. "To ensure we provide timely relief to employers, we're going to continue to urge the Legislature to act on this bill by early March, which is when rate notices will be issued."
The original bill cleared two committees in the final days of the 2019-2020 session, but never emerged from the House Ways and Means Committee during the last flurry of activity.
Baker's legislation, which does not yet have a bill number for the 2021-2022 lawmaking session, would also authorize issuing special obligation bonds to repay the more than $2.2 billion in federal loans Massachusetts receive to keep its unemployment fund solvent.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments