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STATE JOBLESS FUND GROWS AS UTAHNS ENCOUNTER LESS NEED TO DIP INTO IT

SHARE STATE JOBLESS FUND GROWS AS UTAHNS ENCOUNTER LESS NEED TO DIP INTO IT

With fewer Utahns drawing unemployment benefits, the Unemployment Insurance Reserve Fund continues to grow.

William Horner, director of labor market information for the Utah Department of Employment Security, told members of the Employment Security Advisory Council that Utahns received $70 million in unemployment benefits in 1993. Benefits are projected at $65 million for 1994 and $73 million for 1995.The reserve fund balance is projected at $400 million at the end of 1994 and at $430 million in 1995.

Horner said the unemployment money collected from employers under the Federal Unemployment Tax Act by Internal Revenue Service goes to operate the state employment security offices in all states. The state tax collected goes into the trust fund to pay unemployment benefits.