An important announcement for business owners and employers in New Jersey!
New Jersey State has introduced a rate hike, increased from .17% cents to 26% for every $100 in taxable wages for 2020, effective from January 1, 2020. In addition to that, the limit on wages, on which taxes are levied for TDB and FLI—has also increased the employee contribution wage cap from 28 times the statewide current average weekly wage ($34,400) to 107 times the statewide AWW ($134,900). Concurrent with the rate hike, effective July 1, 2020 the maximum TDB or FLI benefit will also increase, from $638 to $881 per week. Reports suggest that partial TDB benefits will also be available.
Have You Privatized TDB Yet?
Earlier this year, New Jersey expanded Family Leave Insurance (FLI) benefits as part of its TDB package, and also made it easier for employers to privatize Temporary Disability insurance. Initially, they were required to obtain employees’ consent for private TDB, which was a big problem and refrained them from enjoying better benefits. As a result of that, businesses were forced to stick to the New Jersey state plan. New Jersey has waived the signature requirement and employers can now opt-out of the State plan and look for better plans provided by private insurance carriers.
Employee Protection Does Not Have To Be Expensive!
As an employer, employee protection against possible injuries and illnesses is extremely important, however, it does not necessarily have to be expensive. To prevent yourself from rate hikes and save more on premiums, businesses should look for a TDB plan that is just right for them. EZTDB, as your New Jersey insurance broker, allows you to achieve exactly that! We beat the state rate by providing benefits better or equal to the state insurance fund with a higher level of customer service.
Robust yet cost-effective benefits packages are one of the best ways to recruit and retain top talent, especially at the time of an impending recession. Get in touch with EZTDB today for a temporary disability insurance plan in NJ that is affordable and just right for you.