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Ohio Unemployment

Ohio Unemployment - Ohio’s unemployment compensation trust fund is broke and owes more than $2 billion to the federal government, yet the fund is losing tens of millions in revenue because the rate for part of the employers’ tax that supports it declined this year, a research organization reported.

“Ohio’s system for financing unemployment compensation is broken,” said Zach Schiller, research director for Policy Matters Ohio, the Cleveland-based organization that has been studying the trust fund’s problems.

The rate reduction came in what is called the “mutualized rate,” one of three factors included in establishing the unemployment tax rates levied on the first $9,000 in each employee’s earnings, Policy Matters Ohio said. The state uses the mutualized account to pay benefits to former employees of companies that have gone out of business.

That part of the employer’s tax declined this year by $18 per employee because federal stimulus funds Ohio received were put into that account, increasing the amount there and causing the applicable tax rate to fall.

Ohio Unemployment
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