The fidelity bonding service helps at-risk job applicants get and keep a job. TWC and the Workforce Development Boards offer free fidelity bonding services to reduce employers’ concerns about hiring at-risk job applicants who cannot be bonded through other sources. For this bonding, Union Insurance Group issues an insurance policy that protects the employer against employee acts of dishonesty such as larceny, embezzlement, and theft.
- Coverage is free for six months. After six months, bonding becomes the employer’s responsibility.
- Coverage is usually issued in the amount of $5,000.
- There is no deductible.
- There are no forms to fill out and no processing.
- Coverage can be activated almost immediately.
Applicants eligible for fidelity bonding services include:
- Ex-offenders, including individuals with records of arrest, probation, or any police record
- Applicants with poor credit histories, including bankruptcy
- Veterans dishonorably discharged from the military
- Public assistance recipients
- Applicants with a substance abuse history
- Disadvantaged youth who lack a work history
- Anyone who is declined fidelity bonding through the commercial bonding system
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Tax Credits And Incentives
The Work Opportunity Tax Credit (WOTC) is a federal income tax benefit administered by the U.S. Department of Labor (DOL) for employers who hire individuals from specified target populations. WOTC reduces a business’s federal tax liability, serving as an incentive to select job candidates who may be disadvantaged in their efforts to find employment.
The main objective of this program is to enable individuals to become employed, earn a steady income and become contributing taxpayers. WOTC joins other workforce programs that help provide incentives for workplace diversity and improve access to good jobs for American workers.
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Earning Tax Credits For Your Company
This fact sheet discusses the WOTC program and how employers can participate and benefit from the tax credits.