U.S Treasury Department: Estimates of Newly Hired Employees Eligible for the HIRE Act Tax Exemption
The HIRE Act gives employers Social Security payroll tax incentives to hire workers unemployed for at least eight weeks.
In a report completed before 2011 employer tax returns, the Treasury Department analyzed available data on the results of HIRE.
From February to May, 4.5 million workers who were unemployed for at least eight weeks were hired by employers eligible for HIRE. Newly hired workers with employers eligible for HIRE make up more than 12 percent of all workers who were unemployed for at least eight weeks since the law became effective.
Since the average worker unemployed for at least eight weeks has been unemployed for approximately 10 months, HIRE targets those job seekers having exceptional difficulty finding work.
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