Bill > SB104

This bill, the Unemployment Insurance Modernization Act of 2024, makes several key changes to Maryland's unemployment insurance system. It repeals the current methodology for calculating the weekly benefit amount and instead requires the Secretary of Labor to set the taxable wage base and maximum weekly benefit amount in a certain manner beginning in 2027. The bill also alters the taxable wage base used to determine employer contributions, the dependent allowance, and the amount of earned wages subtracted from a weekly benefit amount. Additionally, the bill changes the number of rating years required for an employer to qualify for an earned rate of contribution and the method for computing the benefit ratio for those employers.