Delta Area Development, Inc.

Developing a stronger economy for Delta County.

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Unemployment Insurance

An employer’s unemployment insurance tax liability is based on the taxable wage base, which is the first $10,000 of each worker’s wages. If covered for the first time, the tax rate will be 1.7% of the wage base rate, plus an annually computed surtax. For calendar year 2003, the surtax is .22%, for a total of 1.92%. After twelve months, the employer is eligible for a calculated rate.

Specific information on the tax rate for a business can be obtained from the Colorado Department of Labor and Employment - Unemployment Insurance Tax Branch at (303) 381-9100 or on the web at www.coworkforce.com/UIT

Worker’s Compensation

Worker’s compensation insurance is provided by over 200 private insurance companies and the State Compensation Insurance Fund, d.b.a. Pinnacol Assurance, and independent political subdivision of the state which operates as a worker’s compensation insurance company. The fund is a permanent, self-sustaining, non-profit service organization operated for the benefit of its policyholders and their employees. Self-insurance is an option, available by special permit specifying strict financial and loss control standards, for companies employing 300 or more Colorado employees.

Major worker’s compensation reforms have resulted in effective cost containment. These cuts have saved employers well over $100 million in premiums alone, with total savings calculated at $1.5 billion when benefits from fraud prevention and safety programs are included. Within the United States, Colorado ranks in the middle for overall workers’ compensation costs.

For more information on worker’s compensation, please see the Department of Labor & Employment, Workers’ Compensation web site at http://workerscomp.cdle.state.co.us/.

(Source: CO Office of Economic Development)

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