This bill aims to adjust the minimum and maximum weekly unemployment compensation benefits in relation to the statewide average weekly wage and national cost of living adjustments. The minimum benefit would be no less than 33% of the statewide average weekly wage, and the maximum benefit would be capped at 150% of this average, with both figures being updated every five years to reflect cost of living changes as per 20 CFR 416.405. The bill removes the current statutory language that sets specific weekly benefit amounts and the requirement for an individual to have earned at least $1,400 in two separate quarters of the base period to qualify monetarily for unemployment benefits.

The fiscal impact of the bill is indeterminate, and it is scheduled to take effect on January 1, 2025, without providing additional funding or authorizing new positions for implementation. The Department of Employment Security notes that the bill would significantly raise the minimum and maximum weekly benefit amounts, which would be automatically adjusted every five years based on the consumer price index. The bill also necessitates a review by the U.S. Department of Labor to ensure it conforms with federal standards. The proposed changes could lead to increased unemployment taxes for employers due to higher costs for reimbursable employers, potential increases in individual employer tax rates, and a reduced likelihood of achieving trust fund balance thresholds that trigger tax rate reductions.