In a report on NJ101.5 radio, NJBIA President and CEO Michele Siekerka said New Jersey business are set to be hit with another huge unemployment insurance tax hit on July 1.
This will be the third year in a row that employers are being with the added payroll tax to replenish the state’s UI trust fund that was depleted during the pandemic.
Siekerka said New Jersey employers will have to pay an additional $144 per employee, which is on “additive” to similar increases over the previous two years.
Siekerka told reporter David Matthau that for a company with 50 employees, “that’s $7,200 more on top on top of the fact they increased this the last two years.”
Siekerka said many businesses, especially smaller ones, are still struggling to survive.
“Let’s also please recall that it’s these exact same businesses who are being hit with increased costs at every level. In order to attract a workforce right now, we’re paying premium salaries,” Siekerka said.
Siekerka noted that at least 37 other states replenished their UI funds with COVID relief money they received from the federal government, but New Jersey did not..
To see the full report, click here.