Idaho firms to see savings in unemployment costs

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by Associated Press

KTVB.COM

Posted on January 7, 2013 at 6:42 PM

Updated Monday, Jan 7 at 6:46 PM

BOISE -- More workers on the job are helping Idaho stock up its unemployment insurance trust fund, leading to an estimated $50 million in savings for the state's thousands of businesses this year.

This marks the first reduction in unemployment insurance rates after numerous increases that brought business' payments to the maximum -- and drained Idaho's unemployment reserves, forcing the state to borrow some $200 million from the federal government.

Gov. C.L. "Butch" Otter used his State of the State speech on Monday to announce the positive news, which he attributes to a partially reinvigorated Idaho economy that's on the upswing nearly five years after the recession of 2008.

Otter says he hopes having a little more money in their coffers will be a stimulus for Idaho companies to create new jobs.

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