Employers Will Pay Less Unemployment Insurance Tax in 2014

Roughly half of Maryland employers will see their unemployment insurance tax drop by about 70 percent next year, the result of the state’s rebound from the recession, the governor said Wednesday, as reported in the Baltimore Sun.  

Maryland employers had been paying higher rates to bring Maryland’s unemployment benefit trust fund back to its pre-recession level.

Maryland employers paid some of the highest rates in the country during the three years after the economic collapse in 2008-2009. Those with the best unemployment ratings – reflecting strong retention of their work force – paid $187 per worker, while employers with the worst ratings paid as much as $1,147 per worker.

. . . For next year, the minimum rate — paid by about half of Maryland businesses — will drop to $25.50 per worker. Officials said that would put Maryland among the less expensive states for employers in unemployment insurance costs.

For more information, see the full story from the Sun.