The bill amends the South Carolina unemployment insurance tax code to revise the calculation of the statewide reserve ratio and benefit cost rate.
The bill modifies the South Carolina unemployment insurance tax code by adjusting the calculation of the statewide reserve ratio and benefit cost rate. The statewide reserve ratio is now determined by dividing the balance in the trust fund reserve as of June thirtieth by the total covered wages for the previous twelve months in the state. The benefit cost rate is calculated by dividing the amount of income projected to be needed by unemployment compensation benefits paid during a calendar year by the total covered wages in the state during that year.
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