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Unemployment Insurance trust fund forecast projects higher balance than in November

7/7/2022

Contact: media@esd.wa.gov 

OLYMPIA— The June 2022 Unemployment Insurance (UI) trust fund projection report, published today, forecasts continued growth through 2025. This report, published three times a year, is based on the June 2022 economic forecast released by the state’s Economic and Revenue Forecast Council (ERFC).

The report includes employment contributions, benefit payments and the projected UI trust fund balance through 2025. It also covers a comparison of the June 2022 and November 2021 forecasts.

Key points

  • On September 30, 2022, the UI trust fund is projected to have 6.7 months of benefits. At less than seven months of benefits, a solvency tax on employers would typically be trigged.
  • However, due to recent legislative changes, this provision of state law has been waived through 2025.
  • We expect to have more than seven months’ worth of benefits in the trust fund by the end of 2022 and don’t anticipate the solvency tax will be triggered.

The full report can be viewed on our website.