Unemployment Compensation To Rise In New Jersey

Staff Writer, Jan 20, 2009

New Jersey’s weekly maximum benefit for unemployment is expected to rise due to several different issues. Although the topic of much debate, the increase in unemployment benefits has been made official and will be implemented for temporary disability insurance and worker’s compensations on January 1.

Based on the statewide average weekly wage, the rates for unemployment are determined. The numbers for the average weekly wage during 2007 rose from in 2006 by about 4.3 percent from $989.23 in 2006 to $ 1,31.28 in 2007. This is the reason that the state will experience an increase in unemployment compensation for the next year.

On Jan.1 the new maximum weekly rates will become effective seeing the rates increase from $560 to $584 for new unemployment claims that are eligible, as well as from $524 to $546 for state pan temporary disability insurance claims.  Also there will be increases to the worker’s compensation weekly maximums going from &724 to $773 a week.

The wage base considered taxable will also be increased from the current $27,700 to $28,900 during the next year. This has understandably been great news for a ton of people who have hoped for the increases. However for the average person it represents a little bit of added security and insurance for people that are uneasy of their job security. Only time will tell if the increases will affect households in a way that makes an impact on their financial situation. One thing that no one can deny is the fact that there are a ton of great benefits to these increases for people that truly need these forms of compensation.

If you are interested in finding out more about these unemployment compensation increases the best thing to do is consult your case worker to find out how the changes will affect you if at all. This is definitely something that you should do if you are currently receiving compensation and are interested in finding out if there is anything that you must do in order to take advantage from the changes. Its best to find out how the increases will affect your compensation just to make sure that you are going about everything in the right way.