MOVE TO KEEP UNEMPLOYMENT INSURANCE SPIKE DOWN MOVES FORWARD

A measure which would reduce the unemployment insurance (UI) tax rate for employers, was approved by both the Assembly and the Senate. The legislation was sponsored on the Assembly by Nelson Albano. The bill is meant to keep increases in the unemployment insurance down. Under triggers written in the UI law – which requires the tax rate to increase incrementally when the system runs in deficit – the tax rate is scheduled to jump by multiple increments this year, resulting in a $1 billion dollar increase, which figures out to be $400 per employee. The bill would allow the state’s unemployment insurance to increase by only one increment over the next year. Absent the legislative fix, the tax rate would automatically increase to its highest possible level, plus add an additional 10%.

Check Also

VINELAND TEEN CHARGED WITH FATAL SHOOTING OF MILLVILLE TEEN ON THANKSGIVING

A 17 year old boy from Vineland has been arrested and charged in connection with …

Leave a Reply

Your email address will not be published. Required fields are marked *