NC S465

Establishes a Short-Time Compensation Program under North Carolina unemployment insurance law, effective July 1, 2015, allowing employers to reduce employee hours by 10-60% as an alternative to layoffs.

Requires employers to submit written plans to the Division for approval, including affected units, employee notifications, work hour reductions, and certifications that health and retirement benefits continue under the same terms.

Eligible employees must be monetarily eligible for unemployment compensation and available for their usual hours of work, and are deemed unemployed when hours are reduced under an approved plan.

Calculates short-time compensation benefits as a percentage of the regular weekly unemployment benefit amount matching the percentage of hours reduced, with maximum benefits capped at 52 weeks and the standard annual maximum entitlement.

Charges short-time compensation to employers' experience rating accounts the same as regular unemployment compensation, and allows individuals who exhaust benefits to qualify for extended benefits.