Posts tagged Unemployment Insurance Fund
Opinion: Few Californians Belong, But Unions Scored Big in Legislature this Year
September 26, 2023 // The state’s Unemployment Insurance Fund, or UIF, which is supported by payroll taxes on employers, has about a $15 billion deficit because the state borrowed heavily from the federal government to keep benefit checks flowing during the downturn sparked by Newsom’s orders shutting down much of the state’s economy to battle COVID-19. If the state doesn’t repay the loans, which is likely, the federal government imposes higher payroll taxes on employers to settle the debt. Employers want a veto. Citing the UIF’s crushing debt, Newsom indicated that he’s skeptical.