Unemployment Tax Rates in Florida are Increasing

The Office of Economic and Demographic Research (EDR) has recently published the attached forecast summary on Florida’s Unemployment Compensation Trust Fund for 2021 and beyond. Suzanne Hurst, Deputy Director of Florida Association of Professional Employer Organizations (FAPEO) offers the following review of these figures.

The Office of Economic and Demographic Research (EDR) is a research arm of the Legislature principally concerned with forecasting economic and social trends that affect policy making, revenues, and appropriations.

The figures below come from the attached summary provided by the Office of Economic and Demographic Research (EDR). This document provides historic context, current figures and forecasted figures for benefit charges, collections and rates for Florida’s Unemployment Compensation Trust Fund.  This important information is provided to you for your cash flow planning. 

Unemployment Tax Rates – Minimum Tax Rate

2020 – .10%

2021 – .29%

2022 – 1.15%  (forecasted)

2023 – 1.11% (forecasted)

2024 – .56% (forecasted)

2025 – .10% (forecasted)

Your Florida PEO Lobbyist, David Daniel, is presenting a detailed briefing at a meeting Friday of state-wide business interests about possible solutions to impact of social costs from benefit payments related to the pandemic.  Your FAPEO board has created multiple proposals that could lower rates as early as this year.  We will continue to advocate for common sense solutions that protect Florida’s small employers as everyone struggles during these economic times. 

We will keep you up to date on all developments as these proposals move through the lawmaking process. 

One Week In

The first week of 2021 comes to a close. So far this year is shaping up to be as lively and unusual as the last. We wish everyone a mindful and happy 2021. To that end, we hope you saw our post this week on how to Start the New Year with a Digital Declutter.

Implement a 30-Day plan for building a Digital Declutter.

Step 1: Define your core values (and how technology helps and hurts them)

Step 2: Drop all “optional” technologies for 30 days

Step 3: Track your “technology triggers” and explore other activities

Step 4: Create “operating procedures” for the tools you let back in

Step 5: Actively ignore the rest

5 BEST PRACTICES FOR MAINTAINING A DIGITAL MINIMALIST LIFESTYLE FOR THE LONG-TERM

  1. Spend time alone. Solitude—both physical and mental—is important for thinking clearly. Rather than feeling the FOMO of social media, try leaving your phone at home while you go for a walk.
  2. Don’t click like. Social media and digital communication have become digital versions of fast food–easy to consume yet with little nutritional value. To combat this, Cal suggests you specifically limit the performative aspect of these tools. Yes, you can stay in touch and connect with loved ones. But don’t click ‘like’ or allow yourself to be always available.
  3. Reclaim leisure. One of the reasons we lean so heavily on digital technologies is that we’ve lost our hobbies. It’s easier to scroll through your phone than read a book. Try reclaiming leisure time for analog tasks you enjoy.
  4. Join the Attention Resistance. You don’t have to use all the features on your phone or be constantly connected to social media. As Cal writes, digital minimalists give themselves less ‘entry points’ to distraction. Try deleting social media off your phone. Or treat it like a professional task—something you do as needed and not more.
  5. Imagine you have to pay for every click, swipe, or tap. If you can’t give your time and attention the value it deserves, then give it a monetary value. Ask how your behavior would change if every swipe on Instagram, click of a clickbait-y infographic, or scroll of your Twitter feed costs $1.

Friday Round-up

Happy Friday everyone, and Happy Hanukkah to those of you who celebrate the Festival of Lights!

Two of the MGU (Managing General Underwriter) partners we work with have announced new carrier partnerships for 2021. Be sure to check out our post on this news via the below link.

MGU Updates: New Carrier Partners for 2021

Also, as we head into the Open Enrollment season for most employer sponsored benefits programs, be sure to check out our post on 2021 Employee Benefit Trends.

Stay safe and healthy this weekend!