Fri, 05/07/2021 - 12:38pm -- tim
by Timothy McQuiston, Vermont Business Magazine Regular weekly unemployment claims continue to grow to their highest levels this year and remain at a very high level, as claimants were required to refile based on their annual eligibility. The Vermont Department of Labor has also reverted to call-in only for new claims, as the online system has been barraged by large numbers of fraudulent filings.
In addition, Commissioner Michael Harrington is urging the Legislature to change the law regarding how employers are charged to meet UI Trust Fund obligations (see his letter below).
The Vermont UI Trust Fund was well-stocked with over $500 million before the pandemic and is still flush with over $200 million. Despite the Stay Home order from a year ago and layoffs at their highest levels since the Great Depression because of the pandemic, current law would require a steep increase in employer charges because of those pandemic-related layoffs. At current law more than $1 billion would be raised.