The Competitive Skills Scholarship helps Maine businesses access a qualified workforce to help them compete in a changing economy.
Addresses a skill shortage
According to the Maine Chamber of Commerce, 48% of Maine employers have trouble finding the skilled workers they need.
Reduces reliance on unemployment
Workers with higher education levels are less likely to need unemployment. Training participants will be less likely to collect unemployment in the future, and will cost Maine employers less in unemployment taxes.
How it is funded
The Competitive Skills Scholarship is paid for as a percentage of the unemployment assessment issued to employers.
Each year the Trust Fund is evaluated and a schedule is determined to meet the reserve needed to pay new employment payments to workers. As part of the legislation creating the Competitive Skills Scholarship, the reserve for the Unemployment Trust fund was lowered from 21 months to 18 months. This will reduce the overall amount of unemployment taxes collected by employers.