State unemployment fund can handle IBM layoffs - WCAX.COM Local Vermont News, Weather and Sports-

State unemployment fund can handle IBM layoffs

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The Vermont Department of Labor has mobilized a rapid response team to help displaced workers access find new jobs and apply for unemployment benefits.

Vermont's unemployment trust fund ran dry during the recession and the state is still paying back a $54 million loan from the federal government.

Labor Commissioner Annie Noonan says that shouldn't be disrupted, even if a large number of IBMers are in need of unemployment benefits. She says the state was on target to pay loan off by Aug. 1, which is actually 18 months ahead of schedule, and Noonan says the state is still on target to meet that payoff. Once that loan is paid off, the tax credits will come back to Vermont employers next year at $42 per employee.

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