The pandemic has had far-reaching effects on all aspects of everyday life and Hawaii businesses are no exception and have experienced more than their fair share of hardship beyond the forced closures. Now, they face a new threat that could have them shutting their doors forever.
Since March, the State of Hawaii Unemployment Trust Fund (UTF) has been paying out benefits to a substantial portion of Hawaii residents at unprecedented rates. Unfortunately, the system could not sustain an outpouring of money at these levels and now the fund has reached a point of insolvency and employers are mandated to replenish it.
ALTRES Inc. CEO, Barron Guss provides a behind-the-scenes understanding of Hawaii’s Unemployment Trust Fund crisis for Hawaii Businesses and what’s in store for the road ahead.