New Jersey Statutes 43:21-7.5. Contribution rate calculated upon benefit experience; increase if low balance in unemployment trust fund
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Terms Used In New Jersey Statutes 43:21-7.5
- Division: means the Division of Unemployment and Temporary Disability Insurance of the Department of Labor and Workforce Development, and any transaction or exercise of authority by the director of the division thereunder, or under this chapter (R. See New Jersey Statutes 43:21-19
- Employer: means : (1) Any employing unit which in either the current or the preceding calendar year paid remuneration for employment in the amount of $1,000. See New Jersey Statutes 43:21-19
- Employment: means : (A) Any service performed prior to January 1, 1972, which was employment as defined in the "unemployment compensation law" (R. See New Jersey Statutes 43:21-19
- Wages: means remuneration paid by employers for employment. See New Jersey Statutes 43:21-19
Notwithstanding any provisions of R.S. 43:21-7(c)(5)(A) to the contrary, if the balance in the unemployment trust fund on March 31, 1972 is less than 7% of the total taxable wages reported to the division in respect to employment during the calendar year 1971, the contribution rate to become effective on July 1, 1972 for each employer eligible for a contribution rate calculated upon benefit experience, shall be increased 3/10 of 1% over the contribution rate otherwise established under paragraphs (3) or (4) of R.S. 43:21-7(c); provided, however, that if the balance in the unemployment trust fund on December 1, 1972 is less than 2 1/2 % of the total taxable wages reported to the division in respect to employment during calendar year 1971, the contribution rates, which would take effect on July 1, 1973 if the balance in the fund on March 31, 1973 were less than 2 1/2 % of the total taxable wages reported during calendar year 1972, pursuant to R.S. 43:21-7(c)(5)(A), shall take effect January 1, 1973.
L.1971, c. 346, s. 6. Amended by L.1972, c. 172, s. 2, eff. Nov. 29, 1972.