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$300 More Per Worker: MA Increasing Employer Contributions To Unemployment Fund

Massachusetts employees are going to cost business owners another $300 each come April.

Massachusetts employees are going to cost business owners another $300 each come April.

Massachusetts employees are going to cost business owners another $300 each come April.

 Photo Credit: Pixabay
Kristin Palpini

In an effort to restore the state’s Unemployment Insurance Trust Fund amid COVID-19’s drain on the economy, a tax increase of about $300 per employee is set to start in April, according to the Boston Business Journal.

The trust fund is facing a multibillion-dollar deficit due to a wave of unemployment brought on by the pandemic. Money is also dwindling because contributions were decreased during the Great Recession of 2008 to help small businesses stay afloat.

The new assessment - which will cost employers an average of $300 per employee - will hit business owners in the spring, but another increase is planned at a smaller rate in 2024.

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