This bill proposes to update the weekly benefit amount for total unemployment and the maximum total amount of benefits payable during any benefit year. The new benefit amounts are based on an individual's annual earnings, with specific earnings thresholds corresponding to set weekly benefit amounts and maximum benefits. The bill introduces increases in the maximum weekly benefit amount and maximum benefit amount across all existing earnings increments. Additionally, it adds two new earnings increments for annual earnings not less than $13,000 and $14,000, as well as 19 new increments ranging from $42,500 to $57,500, with corresponding weekly benefit amounts and maximum benefits.
The fiscal note attached to the bill indicates that the impact on the state, including the Unemployment Trust Fund, is indeterminable but suggests an increase in expenditures. The bill would directly affect reimbursable employers, such as the state, counties, and municipal entities, by increasing the amount they reimburse to the Unemployment Trust Fund. Taxable employers could see an increase in their unemployment tax rates due to higher benefit amounts paid, potentially affecting their earned tax rates and the solvency of the Trust Fund. The Department of Employment Security is conducting an analysis to determine the range of impacts on future balances in the State’s Trust Fund. The act is set to take effect 60 days after its passage. The fiscal note also indicates deletions in the text, marked by , but does not provide details on the specific language being removed.