52:27H-75 - Award schedule - New Jersey Statutes

52:27H-75.   Award schedule
     A qualified business shall be eligible for an award based upon the amount of unemployment insurance tax it has paid for those new employees who meet the criteria set forth in subsection c. of section 3 of this act.  The award shall apply only to those new employees whose gross salaries are less than $4,500.00 per quarter, and shall commence in the next succeeding quarter.  The award shall be based on the following schedule:

   a.  First four years in zone       an amount equal to 50% of

                                        the employer's unemployment

                                        insurance payment;

   b.  Second four years in zone      an amount equal to 40% of the

                                        employer's unemployment insurance

                                        payment;

   c.  Third four years in zone       an amount equal to 30% of the

                                        employer's unemployment insurance

                                        payment;

   d.  Fourth four years in zone      an amount equal to 20% of the

                                        employer's unemployment insurance

                                        payment;

   e.  Fifth four years in zone       an amount equal to 10% of the

                                        employer's unemployment insurance

                                        payment.

    Prior to July 1, 1986, a qualified business with an unemployment insurance rating of more than 4.1% shall qualify for this award so long as it shall maintain that rating.  On and after July 1, 1986, no qualified business with a deficit reserve ratio as provided for in R.S. 43:21-7 shall qualify for this award as long as it shall maintain that ratio.

    L. 1983, c. 303, s. 16; amended 1988,c.93,s.3.