The Maine Department of Labor said Thursday it will lower the tax rate employers in 2016 will be required to pay into the unemployment insurance fund, which has been on the mend since hitting lows after the recession.
The department estimated moving to the lower tax schedule would cut unemployment taxes paid per employee by about 21 percent, or $30 million in aggregate.
The tax level dropped two levels in 2014, when the fund received $145.6 million. At the higher tax level, the fund took in a recent high of $167.2 million in 2013.
The rate a company pays per employee differs based on a business’ past unemployment insurance experience, its taxable wages and its previous contributions compared to other businesses. That rate is paid on up to $12,000 in wages to each employee.
The Department of Labor said the new rate will have companies paying as little as 0.57 percent per $1,000 paid to each employee and as high as 5.4 percent.
Employers paying the average rate will pay about $67.20 less per employee for the year
The unemployment insurance fund had $351.5 million in September, according to state figures. That was down slightly from $355.3 million in August, which was the highest balance for the fund in nearly five years.
The department said employers would receive their individual rate notices for 2016 in mid-December.