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NJ A4043
Bill
Status
12/12/2024
Primary Sponsor
Anthony Verrelli
Click for details
AI Summary
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Workers contributing to the unemployment compensation fund will see their contribution rate reduced from 0.3825% to 0.3625% of wages starting January 1, 2024
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A new 0.0200% worker contribution to the unemployment compensation administration fund is established starting January 1, 2024, applicable to workers employed by governmental employers, state entities, and nongovernmental employers including nonprofit organizations
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The net effect maintains roughly the same total worker contribution rate while redirecting a portion (0.02%) from the unemployment compensation trust fund to the administration fund
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The administration fund receiving these redirected contributions was established pursuant to R.S.43:21-13 for administrative expenses related to unemployment compensation
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The law applies to all wages paid on or after January 1, 2024
Legislative Description
Redirects portion of worker's unemployment compensation trust fund contribution to unemployment compensation administration fund.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2024, c.101.
12/12/2024