NJ S3876

Reduces the taxable wage base for unemployment insurance contributions in New Jersey from 28 times to 14 times the statewide average weekly remuneration, effective for calendar years beginning January 1, 2022 and after.

Amends R.S.43:21-7 of New Jersey's unemployment compensation law, which governs employer payroll tax contributions to the unemployment compensation fund.

Maintains the requirement that the taxable wage base cannot fall below the federal minimum established under the Federal Unemployment Tax Act (26 U.S.C. s.3301 et seq.).

Continues the existing formula for worker contributions to the State disability benefits fund at 107 times the statewide average weekly remuneration.