September 26, 2023
This Week in Massachusetts – September 26
Editor’s note – This is the final edition of This Week in Massachusetts. Stay tuned as AIM introduces…Read More
Posted on April 16, 2021
The Baker Administration today filed an emergency regulation pushing back the deadline for first-quarter unemployment insurance payments from April 30 until June 1, a move that will allow policy makers time to see if solutions exist to offset an unexpectedly high increase in solvency assessments.
Employers will still be required to file their wage data by April 30.
Associated Industries of Massachusetts has been working with the administration and leaders in the Massachusetts Legislature to mitigate the impacts of the solvency assessment increase that employers saw in their first quarter bills earlier this month. Solvency assessments showed a ten-fold increase to from 0.58 percent in 2020 to 9.23 percent in 2021.
The solvency assessment is used to maintain the UI Solvency Fund, which is separate and distinct form the Unemployment Insurance Trust Fund, and normally pays certain socialized system costs like dependency allowances and claims from businesses that have closed.
These increases were caused largely because of the high number of COVID- related unemployment claims.
“AIM appreciates the willingness of the administration and the Legislature to address these rate increase and we look forward to finding a solution,” said John Regan, President and Chief Executive Officer of AIM.