Have you looked at your 2021 Unemployment Insurance Rate Notice? It was issued a bit late this year, at the beginning of March instead of February. Employers should be aware, however, that their unemployment rate will be significantly higher for 2021. Depending on the size of the employer’s workforce, that increase may be in the hundreds of thousands of dollars.
Due to the depletion of the general unemployment insurance fund during 2020, as employees were filing and collecting unprecedented unemployment insurance benefits, the State’s unemployment fund as of December 31, 2020 was almost bankrupt. As a result, when the State applied its regular and customary formula for computing the unemployment insurance rates for this year, they yielded a higher number than in years’ past.
Please let us know if you have any questions about this. There are limited remedies available to employers in this regard.