Friday, April 23, 2010

NY releases tool to help companies hire unemployed workers

The Business Review (Albany) reported that employers in New York now have a new tool to help them assess the benefits of hiring unemployed workers, the state Department of Labor announced on Thursday.

The state unveiled a calculator that will tell companies the federal tax credits they’ll receive in 2010 and 2011 by hiring and retaining people who have been jobless for at least 60 days.

The tax credits were part of a law President Barack Obama signed last month.

Employers can qualify for a 6.2 percent payroll tax incentive, which, in effect, exempts them from paying Social Security taxes on that person’s wages. Companies also receive a $1,000 tax credit for each worker who stays on the job for at least a year.

The tax incentives are designed to push companies to hire full-time workers, and not temporary workers, as many will do while they remain unsure of the economy’s course.

Unemployment in the Albany metro area is 7.2 percent, the highest ever recorded for this time of year.

“Many businesses are still hesitant to add additional workers to their payrolls,” said Colleen Gardner, commissioner of the state labor department. “This online calculator shows New York’s businesses, clearly and simply, how hiring the unemployed can help their bottom line.”

The calculator can be found at http://www.labor.ny.gov/HireActCalculator.shtm.

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