New York State Assemblyman Fred W. Thiele, Jr. (I, D, WF-Sag Harbor) today praised Governor Cuomo for his much needed Unemployment Insurance system reforms, as they are expected to save employers across New York an average of $1,200 on their unemployment insurance costs this year.

Thiele, Chair of the Assembly’s Small Business Committee explained that New York, especially during the recent recession, had to borrow funds, amounting to nearly $3.5 billion plus interest, from the Federal Unemployment Insurance Trust Fund to cover the cost of claims filed by unemployed workers.

Then in 2013, Governor Cuomo instituted reforms to the Unemployment Insurance system to increase benefits for workers, decrease costs to employers, and modernize the Unemployment Insurance system by making it sustainable and self-correcting. The reform laws included a mechanism to pay back the federal loan three years ahead of schedule.

These reforms, combined with an improved statewide economy enabled this Federal Unemployment Insurance Trust Fund loan to be repaid early, saving New York employers an estimated $200 million in interest costs. The average employer will see an estimated reduction of nearly $1,200, or $84 per employee.