On May 31, 2012, the New Jersey Senate unanimously passed a bill (S1121) aimed at assessing a higher unemployment insurance rate on employers with markedly lower Employer Reserve Ratios (i.e., those employers with more former employees collecting unemployment). Whereas the current rate cap is set at 7%, if signed into law, that cap would increase on a sliding scale up to 9%. The bill now awaits Assembly consideration.
Note: This article was published in the September 2012 issue of the New Jersey eAuthority.
