Unemployment compensation: employers: contribution rates.

Existing unemployment compensation law requires every employer, with specified exceptions, to pay contributions to the Unemployment Fund for the succeeding calendar year upon taxable wages with respect to employment at the rate specified in set schedules, which is determined according to the ratio of the employer's net balance of reserve on July 31 to the employer's average base payroll, as defined, and the ratio of the balance in the Unemployment Fund on September 30 to all wages with respect to employment paid during the 12-month period ending upon the computation date of June 30. This bill would, for calendar years 2021 and 2022, limit the contribution rate of an employer from exceeding the rate that was in effect for that employer in calendar year 2020. This bill would take effect immediately as a tax levy.