The Update incorporates the October average private sector economic forecasts and an increased «adjustment for risk» for 2011 - 12 to 2013 - 14, as well as an increase in employment insurance rates
of only 5
cents (
employee rate) for 2012, rather than the 10
cents set in legislation As a result, the balanced budget target is delayed from 2014 - 15 to 2016 - 17, prior to the inclusion
of the Targeted Strategic and Operating Review Savings (now
called «Deficit Reduction Action Plan Saving Target»).
• 7
cents:
Called a pension «pick - up,» the city of Chicago pays 7 cents of each teacher's so - called «employee» contribution (a total of 9 per
Called a pension «pick - up,» the city
of Chicago pays 7
cents of each teacher's so -
called «employee» contribution (a total of 9 per
called «
employee» contribution (a total
of 9 percent).