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Program aids local economy

recent report from the U.S. Department of Labor had good news for the local economy, and especially for residents who have been able to keep jobs and employers who have kept the best of the best on payrolls through the downturn.

According to the Labor Department, its Short-Term Compensation program saved 570,000 jobs and provided 22 states with $266 million in reimbursements from 2012-2015.

This program offers an alternative to layoffs during a time of company hardship by providing financial incentives to keep employees on staff.

“Short-time compensation programs are good for local communities, states and the national economy as they give employers an alternative to layoffs and keep skilled workers in place when business slows,” said Assistant Secretary for Employment and Training Portia Wu. “For employers who want to keep valued workers and protect their bottom line, these programs provide flexibility needed to withstand tough business cycles and emerge with the strong, dedicated workforce.”

To read the report, visit ows.doleta.gov/unemploy/stc.asp, and to learn more about the program, visit stc.workforce3one.org.