COLUMBIA – Gov. Henry McMaster was joined by S.C. Department of Employment and Workforce Executive Director Cheryl Stanton and business leaders from around the state to announce that for the fifth consecutive year DEW is cutting the unemployment insurance tax rate on South Carolina businesses.

"Any time we are able to cut taxes for South Carolina businesses, it gives them the flexibility to grow and create more opportunities for their employees," McMaster said. "We continue to see record lows in unemployment and more people working in South Carolina than ever before, and if we’re able to continue to cut taxes and invest in education and workforce development, we know our state’s brightest days are ahead of us."

The 2018 tax rate represents an average reduction of 10.2 percent over last year’s rate, and 36.4 percent drop over the last five years. These cuts have been made while rebuilding the trust fund to a level that will withstand an economic downturn. This amounts to businesses in tax rate classes 2-19 to save an average of $20 per employee.

"Businesses are investing in South Carolina by expanding here and, in doing so, have put a record 2.23 million people to work, the most than any time in our state’s history. This strong economy is allowing us to invest back into these businesses by reducing their tax burden while rebuilding the trust fund to a level that will sustain a recession," said Cheryl Stanton, DEW’s executive director. "Our gratitude goes out to the business community and workforce development training partners who have worked hard to create jobs and provide the skilled workers to fill them."

Rate reductions are a direct result of the state’s robust economy, with businesses employing more than 2.23 million South Carolinians and an unemployment rate that is at a 16-year low.

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Teknoware coming

to Horry County

COLUMBIA – Teknoware, a Finland-based manufacturing firm, announced plans to establish operations in Horry County. The company will hire approximately 45 employees and make a capital investment of $5.8 million over the next five years.

Teknoware develops, manufactures and supplies interior lighting systems for commercial vehicles, as well as emergency lighting systems for public premises and ships. The company offers a wide range of customized vehicle lighting solutions and serves a variety of customers, including Alstom, Bombardier, Daimler, General Electric, Kawasaki, Siemens, Volvo and more.

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