SC Unemployment Insurance Tax Rates To Decrease In 2024

Governor Henry McMaster and South Carolina Department of Employment and Workforce (DEW) Executive Director William Floyd announced that state unemployment insurance (UI) tax rates will either decrease or stay the same for all employers in 2024, marking the third consecutive year that UI taxes have been lowered. South Carolina’s UI Trust Fund has a balance of nearly $1.6 billion, which has allowed the state to set the 2024 tax rates to raise approximately the same amount of revenue as 2023 and 2022, lower rates for rate classes 2-19 by an average of 6% (rates for classes 1 and 20 are set by statute and do not change year to year), and forgo a solvency surcharge due to the high balance of the fund.

Tax rate notices will be mailed to businesses on Monday, November 13, but employers can also log into their State Unemployment Insurance Tax System (SUITS) account to see their 2024 tax rate. More information regarding the 2024 UI tax rates can be found here.

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