How your company can help
The Greater Cleveland Partnership (GCP) applauds recent legislative activity aimed at removing the burden of Ohio’s unemployment debt to the federal government from our employers.
However, we continue to seek reforms for employers that will bring long-term balance and stability to the state unemployment compensation fund that will directly impact you.
To do that, we need your help.
Ohio’s unemployment compensation fund was ill-prepared to handle rising costs during the recession. As a result, the state had to rely on a loan from the federal government to cover jobless benefits. Even as our state keeps gaining momentum on its economic recovery, Ohio employers have continued to pay the penalties on this outstanding debt in the form of higher unemployment taxes.
The GCP worked methodically with members and policymakers to relieve Ohio employers of this burden. Under recently passed legislation—the result of GCP and its partners’ advocacy efforts—the state is expected to pay off the federal debt a year ahead of schedule.
This solution will save Ohio businesses over $400 million in 2017.
While this short-term solution will make an immediate impact on Ohio’s business climate, long-term reform is necessary to ensure that the unemployment compensation fund can function as intended and costs do not increase again on employers.
The fund can function without emergency loans in the face of a recession, but it requires a commitment from all interested parties to address the issue and state legislation currently exists that aims to do just that.
The GCP is committed to responsible reform with the needs of the business community in mind. Your input is needed so we can properly convey the impact our unemployment system has on your operations.
Have your business’ unemployment compensation costs increased dramatically in recent years? If you would like to be an active participant in our efforts on this issue, please click to share your contact information and your stories with us
, and you will be contacted in the near future.
Read our most recent letter on this subject to Ohio legislators here