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Reforms to save North Carolina employers over $180 million

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Staff writer ▼ | November 12, 2014
The U.S. Department of Labor (USDOL) has approved the state's application for a waiver of additional Federal Unemployment Tax Act (FUTA) penalties.
North Carolina workers
In 2014   Unemployment insurance reforms
That means North Carolina employers, who have shouldered the unemployment insurance debt, will save approximately $180 million for tax year 2014 thanks to reforms that have reduced the state's federal unemployment insurance debt from $2.8 billion to $465 million.

“Restructuring North Carolina's unemployment insurance system and aligning it with those of our neighboring states has set our unemployment program on a path to sustainability,” Governor PatMcCrory said.

Governor McCrory applied for a waiver of additional debt penalties and USDOL has granted the request after North Carolina worked hard to reduce the $2.5 billion debt and set in place a foundation for sustainable funding by the state's employers.