Status of Ohio Unemployment Fund

The unemployment seems to be taking its toll in Ohio now. It seems that the Ohio’s unemployment fund is broke. This is because the tax that the employers pay to subsidize the unemployment fund id being reduced this year.

Ohio has been one of the thirty three states that has been borrowing from the federal government to continue funding the unemployed who has lost jobs due to the recession. Ohio has borrowed more than $2.1 billion and will have to start paying interest on it in January 2011 at an annual rate of 4.66 percent. So in such a situation, many of them have been asking about why the tax has been cut.

The unemployment funding comes from the payroll taxes paid by the companies. According to reports, One key part of each employer’s tax was reduced by $18 per worker. That adds up to tens of millions of dollars that won’t be going to the fund.

Experts feel that Ohio should avoid tax cut that happens automatically from its insufficient unemployment fund. It is important to remember that unemployment compensation is very critical for those workers who have lost jobs for no fault of theirs. As per the news, last year, more than half a million of people in the Ohio State received unemployment compensation. With jobless spells lasting longer, nearly 250,000 remained on state benefits so long that they ran out.

If you need more details about the unemployment benefits comparison by state, then you can refer to Ohio State Unemployment benefits guide.

Responses

  1. buono john a says:

    please call me at 2395601590 I am homeless and need benefits from ohio. I live in florida.

  2. buono john a says:

    I have tried for months to file unemployment benefits from thestate of ohio and the internet does not give me access please call me at 239 560 1590 I now live in florida and have not worked in almost 11 months. I am homeless and I worked in ohio from 10/09 thru 3/2011. Please call and advise me of my benefits. I am at the unemployment in ft. myers, florida and no one can help. I put a call to you today. Thank you for your cooperation and patience . I await a reply. my address is: 195 Caviller Ct., N. Ft. Myers, FL 33917. Thank you! my social # is: 139-78-0140 !

Leave a Reply

forum link

Please answer a simple Math question: *