Workforce & Wage Info
Employers operating in Idaho are required to carry workers’ compensation insurance. To fulfill this requirement, a business can insure with one of almost 300 private providers in the state, or with the Idaho State Insurance Fund. In special cases, self-insurance is also permitted through the Idaho Industrial Commission. Rates and dividends may vary. One should contact an insurance agent or company representative for information. The State Insurance fund is collectively owned by policy holders rather than state-owned, and has a history of returning very competitive dividends
Idaho State Insurance Fund 2016 Sample Rates:
Code 88100 Clerical Office $0.27/$ 100 payroll
Code 87420 Outside Sales $0.47/$ 100 payroll
Code 3629 0 Precision Machining $2.76/$ 100 payroll
Code 44840 Plastic molding (injection) $3.61/$ 100 payroll
Source: Idaho State Insurance Fund
For further information on insurance requirements: Idaho State Insurance Fund www.idahosif.org
P.O. Box 83720, Boise, ID 83720-0044
Idaho Industrial Commission www2.state.id.us/iic
P.O. Box 83720, Boise, ID 83720-0041
Idaho law requires all nonagricultural employers with payrolls in excess of $1,500 per quarter, or different weeks in a calendar year, to obtain an unemployment account number from Idaho Commerce and Labor. The Standard Rate is the Unemployment Insurance Tax Rate that is assigned to new employers until they have participated in the program enough to have an experience rate calculated for them. The Standard Rate for new employers in 2016 is 1.488%.
Rates are assigned on the basis of the employer’s own experience record and its relationship with all other employers. The experience rating is a special account maintained for each employer. This is a record of the accumulated contributions paid by an employer, accumulated benefit payments charged to the employer’s account and the employer’s four-year average payroll. Accumulated total benefit payments charged to the employer’s account are sub total of contributions paid. This amount is divided by the average annual payroll and the resultant as the experience factor.
In 2016, unemployment premiums are collected on the first $37,200 of wages for each employee.