State Forecasts $20.2 Billion Year-End Deficit in Unemployment Insurance Fund
California’s unemployment insurance (UI) fund will end the year with a $20.2 billion deficit, the Employment Development Department (EDD) projected in its latest Unemployment Insurance Fund Forecast. While the projected deficit is an improvement from May’s forecast of a $24.3 billion deficit, it remains bad news for employers, who will be forced to pay higher employment taxes to repay federal loans that are being used to allow the state to continue providing benefits to unemployed Californians. California’s UI fund ended…