New Jersey TDB: Proposed Wage Base Increase Means Rates Could Rise

MELVILLE, N.Y. - Sept. 22, 2021 - PRLog -- Following a wage base increase and premium rate hike in 2021, the state of New Jersey announced plans to once again increase the wage base for contributions to New Jersey TDB. The best way for New Jersey business owners to save money on statutory disability insurance is by privatizing their plan through a knowledgeable agency like EZTDB.

State Department of Labor Proposes Wage Base Increase for New Jersey TDB

This week, the New Jersey Department of Labor proposed a wage base increase for New Jersey TDB and Family Leave Insurance. Under the proposed rules, the taxable wage base will rise from $36,200 in 2021 to $39,800 in 2022. This wage base applies to both employer and employee contributions. The wage base for employee contributions to New Jersey's Family Leave Insurance (FLI) benefit could jump from $138,200 this year to $151,900 in 2022.

What Is the Taxable Wage Base?

The taxable wage base describes the maximum amount of earned income that employees or employers may contribute to an insurance plan or benefit. The higher the wage base, the more employees and employers might have to pay to fund the benefit.

How Employers Can Save Money on New Jersey TDB

Wage hikes don't have to mean an increase in operational expenses for business owners, however. By privatizing New Jersey TDB through a top-rated carrier, business owners can:

• Save money
• Eliminate waiting periods for claims payouts
• Receive more personalized service from a broker specializing in employee benefits

"The cost of everything continues to rise in New Jersey and across the Northeast. The proposed increases of the New Jersey TDB wage base could directly affect business owners' bottom lines if they don't pursue a privatized plan with a trusted carrier. EZTDB helps business owners save money on statutory benefits and voluntary worksite benefits while providing superior service," said EZTDB President Michael Cohen.

About EZTDB

With more than 45 years in the statutory insurance industry, EZTDB delivers white-glove service and cost savings to New Jersey business owners through temporary disability benefits from top-rated carriers.

Contact
EZTDB | Michael Cohen
6312935100 ex 800
info@eztdb.com