Relative to maximum benefits payable in unemployment compensation.
Impact
The change intends to better align the unemployment benefits with current economic conditions and ensure that the compensation remains adequate for individuals facing unemployment. By automating future adjustments every five years based on the cost of living, the bill seeks to maintain the purchasing power of the benefits over time. This adjustment model would mean significant increases in benefit amounts for many claimants, which advocates argue will provide much-needed financial support to those unemployed through no fault of their own.
Summary
Senate Bill 436 (SB436) aims to revise the method of calculating unemployment compensation benefits in New Hampshire. The bill establishes new minimum and maximum amounts of weekly benefits for eligible individuals based on the statewide average weekly wage and applicable cost of living adjustments. Specifically, the minimum weekly benefit amount will be set at no less than 33% of the most recent statewide average weekly wage, which is reported to be $1,389 for the year 2022, leading to a minimum benefit of $463 per week. The maximum weekly benefit will be capped at 150% of the same wage, resulting in a revised maximum amount of $2,084 per week.
Contention
Despite its potential benefits, SB436 has faced scrutiny regarding its implications for the unemployment compensation program and its administrative feasibility. The bill's removal of certain eligibility requirements for individuals, such as the need to have earned a specific amount in prior quarters, may prompt questions from the U.S. Department of Labor regarding conformity with federal standards. Additionally, the financial implications for the state and local budgets are still uncertain, with projected indeterminable increases in expenditures as the new benefit caps take effect.
A bill for an act relating to the maximum amount of unemployment benefits payable during a benefit year to an individual laid off due to an employer going out of business.
Removing fees and charges for governmental records under the right-to-know law and reinstating potential liability for disclosure of information exempt from disclosure.