NJ S3310

Reduces worker contributions to the unemployment compensation trust fund from 0.3825% to 0.3625% of wages for employees of nongovernmental employers and governmental employers that pay contributions, effective January 1, 2024

Reduces worker contributions to the unemployment compensation trust fund from 0.0825% to 0.0625% of wages for employees of the State of New Jersey and governmental entities that make payments in lieu of contributions, effective January 1, 2024

Creates a new 0.0200% worker contribution on all covered wages to be deposited directly into the unemployment compensation administration fund rather than the trust fund

Addresses funding shortfalls in the unemployment compensation administration fund, which manages system operations, by redirecting a portion of worker contributions while maintaining the total contribution rate unchanged

Applies to all wages paid on or after January 1, 2024, with the trust fund remaining adequately funded for unemployment benefits while providing additional resources for administrative operations