Bill > A4043

This bill redirects a portion of workers' unemployment compensation contributions to the unemployment compensation administration fund. Specifically, starting January 1, 2024, workers will contribute 0.3625% to the unemployment compensation fund, which is slightly reduced from the previous 0.3825% rate, and will additionally contribute a new 0.0200% contribution directly to the unemployment compensation administration fund. This applies to workers employed by governmental entities, the State of New Jersey, nonprofit organizations, and other non-governmental employers. The contribution rates differ slightly for workers employed by the state or governmental entities, with lower percentages applied. The bill ensures that these new contribution rates will be applied to wages paid on or after January 1, 2024, and takes effect immediately upon approval. The change appears designed to provide dedicated funding for the administrative aspects of the unemployment compensation system while maintaining a similar overall contribution level for workers.

Labor and Employment

https://www.njleg.state.nj.us/bill-search/2024/A4043