Business
7:08 am
Thu January 9, 2014

IL Unemployment Insurance To Drop

Credit Wikimedia Commons

Illinois officials say the unemployment insurance tax rate will fall in 2014 for most businesses as the economy is expected to improve.

The Illinois Department of Employment Security said yesterday employers who did not reduce their workforces in 2013 typically will see the greatest savings.

Illinois unemployment insurance taxes make up 0.7 percent of the average employer's per-employee compensation cost.

Taxes for each of nine different types of businesses are lower this year.

Unemployment insurance taxes pay for benefits for laid-off workers. They support 26 weeks of benefits.