New Jersey S2637 allocates $2.5 billion to the unemployment compensation fund from federal government assistance and halts increases in employer.

New Jersey S2637 allocates $2.5 billion in available federal assistance to the unemployment compensation fund. The funds will be used to pay back the balance in federal unemployment insurance loan advances and to increase the unemployment compensation fund balance. The bill also halts increases in employer unemployment taxes related to benefits paid during the COVID-19 pandemic state of emergency. The contribution rates for employers for fiscal years 2022, 2023, and 2024 are specified in the bill, overriding any other provisions of law concerning the actual fund reserve ratio.

New Jersey S2637 allocates $2.5 billion to the unemployment compensation fund from federal government assistance and halts increases in employer.

New Jersey S2637 allocates $2.5 billion in available federal assistance to the unemployment compensation fund. The funds will be used to pay back the balance in federal unemployment insurance loan advances and to increase the unemployment compensation fund balance. The bill also halts increases in employer unemployment taxes related to benefits paid during the COVID-19 pandemic state of emergency. The contribution rates for employers for fiscal years 2022, 2023, and 2024 are specified in the bill, overriding any other provisions of law concerning the actual fund reserve ratio.