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(USGovernment-News.Com, August 22, 2012 ) San Francisco, CA -- The Workforce agency that operates in South Carolina is on the right track. It is paying $106 million to reduce its debt to the federal government $676 million. It intends to pay the full $676 million October 2015.
The agency borrowed $1 billion from the federal government during a period of almost two and half years from December 2008 to March 2011 in order to avoid any interruption in sending checks in the course of increasing unemployment rates.
However, the agency paid its first installment of debt in August 2011 and is now on the right course to pay the whole amount as changes have occurred in the unemployment rates which are quite supportive and will help in paying the debt sooner than anticipated.
Abraham Turner, who is agency’s director, was very optimistic considering the affairs turning into the favour of agency. He said that new state laws will cause a lesser burden on agency as it will pay benefits to fewer unemployed people as compared to the previous years.
According to the calculation made by the Department of Employment and Workforce that the $106 million payment is two months ahead of the scheduled time which will save the state $8,800 per day in interest.
Otis Rawl, the CEO and president of the State Chamber of Commerce said that the new laws will help state to save millions of dollars, which will allow the state to pay its debts much earlier than expected and will also build up reserves.
Turner took charge as a director of the agency just a year ago and found a few mistakes that were creating hurdles in achieving the targets. He highlighted the mistakes through which people used to get benefits in a fraudulent way.
Rawl sadly commented that, “If people would’ve just listened to us when we said people were being paid after drinking on the job, stealing and other blatant infractions, as well as continuing to draw benefits after getting a new job, the state wouldn’t be in debt.”
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