Gov. Chris Christie has signed legislation that calls for the phasing in of a sharp increase in the state’s unemployment tax rate.
Proponents say that will spare businesses from having to immediately pay a hefty boost in the rate.
The increase, which needed to help restore the state’s depleted unemployment insurance fund, will now be phased in over a three-year period instead of imposing it all this year.
If the measure had not been adopted, state labor officials say employers would have been required to pay about $300 per worker during the current fiscal year, which started July 1. Instead, they will — on average — pay about $100.
The law seeks to protect businesses while the economy rebounds and the state seeks a permanent solution to the fund shortfall.
Topics New Jersey
Was this article valuable?
Here are more articles you may enjoy.
India’s Largest Nuclear Power Plant Hit by Data Breach 
Florida Property Tax Cut Plan Relies on Population Boom That Has Slowed Dramatically 
Farmers to Pay $2.8M to Settle TPCA Class Action Lawsuit 
After Losing Job and Crypto, Man Falsely Claimed $1.3M From 107 Class Actions 
