The Language of Unemployment – Part One
How Unemployment Claims are Costing Your Business
Overpaid unemployment insurance benefits total in the billions of dollars each year – not millions but billions! Many businesses pay significantly more than necessary and most of them don’t even realize it.
Don’t think unemployment insurance is costing you more than it should? Let’s do the math:
- Unemployment insurance costs have risen nearly 80%, reaching new heights.
- An average unemployment insurance claim costs about 4000 dollars in actual charges to an employer’s UI Reserve Account.
- The actual UI tax cost to the employer for a single claim is usually significantly higher than the actual charges.
- On average across the US, $13 in every $100 of unemployment insurance benefits was paid in error.
- On average, businesses spend 13% more on unemployment claims than they need to.
- Employers only win around 50% of the unemployment protests they file.
In shock? Managing unemployment insurance (UI) claims is no easy task. Not only is it time-consuming but it is also complicated and expensive. But it doesn’t have to be! The good news is you have the power to lower your UI costs. Establishing an effective UI cost management program, utilizing an unemployment tracking software, and getting help from unemployment experts can provide you with the tools to reduce these costs significantly. The math is simple and so is your solution. Visitwww.unemploymenttracker.com