Employer Resources: WOTC Bond

The Employment Security Department SharedWork/Business-Friendly Programs and the Greater Federal Way Chamber of Commerce feature this important employer resources webinar series. The webinar series provides program overviews and highlights the requirements and resources, and the most current information employers need to know. This valuable information will help businesses make informed decisions for their operational effectiveness, stay resilient and thrive during the ebb and flow of economic cycles. This webinar showcases important business topics, SharedWork and Work Opportunity Tax Credit & Federal Bonding.

SharedWork Program

Keep your workforce intact and if needed temporarily reduce your payroll costs to keep your employees and customers. The SharedWork program pays your employees a prorated percentage of unemployment insurance benefits when you reduce their work hours and wages. Eligibility is open to most businesses and industries.

More ways to learn about SharedWork:

• Watch this 2 min commercial.
• Review eligibility on the Sharedwork website. esd.wa.gov/SharedWork
• Speak with an agent to verify your business eligibility in minutes by calling 800-752-2500 and choosing Option 3.

Work Opportunity Tax Credit and Federal Bonding

WOTC is a tax credit program that provides an incentive for employers to hire people who may have difficulties becoming employed. With this program employers are rewarded for giving people a chance.

The Federal Bonding Program protects employers against employee theft, forgery, larceny and embezzlement. Employers can be issued free of charge, zero deductible bonds for between $5000 and $25,000 for each justice involved new employee.

Any full or part time employee who is justice involved and is paid wages with federal taxes deducted qualifies. This includes individuals hired by temp agencies.