For the fifth consecutive year, the SC Department of Employment and Workforce (DEW) is cutting the unemployment insurance tax rate on South Carolina businesses.

The 2018 tax rate represents an average reduction of 10.2% over last year’s rate, and 36.4% drop over the last five years. These cuts have been made while rebuilding the trust fund to a level that will withstand an economic downturn. This amounts to businesses in tax rate classes 2-19 to save an average of $20 per employee.

"Businesses are investing in South Carolina by expanding here and, in doing so, have put a record 2.23 million people to work, the most than any time in our state’s history. This strong economy is allowing us to invest back into these businesses by reducing their tax burden while rebuilding the trust fund to a level that will sustain a recession," said Cheryl Stanton, DEW’s executive director. "Our gratitude goes out to the business community and workforce development training partners who have worked hard to create jobs and provide the skilled workers to fill them."

Rate reductions are a direct result of the state’s robust economy, with businesses employing more than 2.23 million South Carolinians and an unemployment rate that is at a 16-year low.

TrackBack URL for this post: