Beginning 2012, employers no longer receive an annual paper Notice of Employer Contribution Rates. Instead, the notice is now accessible through the Tax Web Enabled System (TWES). As a result of this change, it’s urgent that you check your TWES account as soon as possible. The new rates were posted as early as July 18, and there’s a 30 day deadline (from the date of “mailing”) to make a voluntary contribution. In many circumstances a voluntary contribution represents an excellent opportunity to reduce labor costs. For more information regarding TWES check out our blog at: Set Up TWES Account.
The unemployment expense is a substantial component of your labor cost. Staffing agencies should give it careful attention. If you wish to make a voluntary contribution to your reserve balance you have 30 days from the date of your notice to do so. In addition, we suggest that you verify the amount of the employer contributions and the benefits charged to your account. Report any discrepancies to the NJ Dept. of Labor.
If you would like assistance in determining if a voluntary contribution will save you money, please do not hesitate to contact us. We will provide you with an illustration of the benefits which you stand to reap from making such a contribution. You will be able to weigh the considerations and act accordingly.