SC unemployment agency paying $106M toward debt - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

SC unemployment agency paying $106M toward debt

Posted: Updated:

COLUMBIA, S.C. (AP) -- South Carolina's unemployment agency is paying down $106 million of its debt to the federal government, saving employers money in insurance rates.

A Department of Employment and Workforce spokeswoman says the agency plans to make the payment Friday.

It includes $77 million that legislators put toward the debt in their 2012-13 budget. That designation cut the impending hike on unemployment insurance taxes, saving businesses an average of 12 percent.

Spokeswoman Mary-Kathryn Craft says businesses will receive revised tax notices in October.

Director Abraham Turner says the payment will reduce the agency's debt to $676 million. The agency had to borrow nearly $1 billion from the federal government to keep sending checks amid climbing jobless rates.

Turner says the agency is on track to pay back every dime by October 2015.

Powered by WorldNow


888 Allbritton Dr.
Mt. Pleasant, SC 29464
843-881-4444 | Advertising Information

Public Information File

For assistance with accessing WCIV-TV's public information file, click here.


Advertising Credit Application and Terms and Conditions PDF.

Powered by WorldNow
All content Copyright © 2014 WCIV and Worldnow. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.