Nevada Unemployment Trust Fund Reaches $1 Billion, Enough To Continue Current Benefits Through 2025
By TheNevadaGlobeStaff, February 9, 2023 9:45 pm
NEVADA – The Unemployment Insurance (UI) Trust Fund has hit $1 billion, as reported by the Nevada Department of Employment, Training, and Rehabilitation (DETR) on Thursday.
According to DETR, “unemployment benefit payment reserves continue to increase approaching suggested levels” as the fund nears $1 billion.
The Department of Employment and Training (DETR) emphasizes that the increase was made “without increasing employer tax rates, as evidenced by overall low claim filing rates.”
The trust fund finances the costs of unemployment benefits and services.
The money in the fund originates from the quarterly UI contributions paid by employers, according to DETR.
The government has adequate cash to continue paying unemployment benefits at the present pace through November 2025.
“Reaching $1 billion is a significant accomplishment as we continue to plan for the future without increasing the tax rates employers pay into the unemployment system. The Employment Security Division’s administrator, Lynda Parven, stated that keeping prices consistent for employers is one method to encourage their confidence in hiring workers.
Credits: Fox 5 Vegas
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