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Employers in New Jersey Would Have to Pay Out More Severance Pay Under a New Law.

TRENTON, NJ – Running a business in New Jersey is hard, but in hard times, like when the government has to close because of possible health emergencies in the future, it will be even harder and costlier to close a failing business.

According to a bill sponsored by Senator Joe Cryan and Senator Fred Madden and passed by the Senate today, the landmark worker protection law that requires advance notice and severance pay in the case of mass layoffs would go into effect right away.

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Governor Murphy put the original law on hold in January 2020 because of the Covid public health crisis and how it affected the job market. The original law was written by Senator Cryan and Senator Nellie Pou.

New Jersey was the first state to pass a law guaranteeing severance pay. This was because of a large number of layoffs.

Senator Cryan said, “Now that the public health crisis is over, it’s time to put these worker protections in place” (D-Union).

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“Companies and hedge funds have used bankruptcy laws to protect their profits while workers lose their jobs, their paychecks, and often their severance pay.”

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Companies were robbed of their resources while the workers were kept in the dark. The law will be changed to protect workers’ rights even better.”

The Worker Adjustment and Retraining Notification (WARN) Act is a law that protects workers. It increases the amount of time before a business has to give notice and requires severance pay for business closings, mass layoffs, and transfers.

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Senator Madden (D-Camden/Gloucester) said, “When companies fall on hard times and have to lay off a lot of people, it is important to give them severance pay.”

“With more and more people worried about more mass layoffs, especially in the tech industry, this law is more important than ever to make sure that workers get the support and notice they need.”

When 50 or more people lose their jobs because of a mass layoff, plant closing, or transfer, employers with 100 or more full-time workers are required by law to give 90 days’ notice. Also, the law says that employees must get one week’s worth of pay for every year of service.

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The first law was made because many businesses were closing or going bankrupt, leaving workers without jobs and no way to get severance pay. When private equity firms bought out companies that had gone bankrupt, they fired a lot of people and gave the top executives millions of dollars in bonuses.

The Senate passed the bill, S-3162, with a vote of 30-3.

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Sapna Palhttp://newjerseylocalnews.com
Hello viewers, My self sapna. I am a content writer. I have more than 5 years of experience in content writing and from my work experience now I am writing great content related to local news of new jersey and entertainment on my website newjerseylocalnews.com.
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