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UC Trust Fund borrowing climbs
Chamber continues call for commonsense reforms The borrowing from the federal government that will be needed to keep the state’s Unemployment Compensation Trust Fund solvent has climbed to nearly $1.8 billion, according to the Rendell administration. That amount is about $800,000 more than the nearly $1 billion figure that had been earlier anticipated. As a member of the state’s UC Advisory Council, the PA Chamber continues to work on a plan to address the insolvency. However, the process has unfortunately reached a stalemate. The business community presented a responsible plan that includes some concessions from employers, and that also includes commonsense reforms that will help reduce future costs. However, organized labor has refused to make concessions of its own or agree to responsible improvements, such as requiring UC recipients to actively search for new employment. Click here to read a previous article about the solvency concerns facing the Commonwealth’s UC Trust Fund. |
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