• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

State employee benefits cut

by on
in Employee Benefits Program,Human Resources

Gov. Jon Corzine signed into law a new benefits package for state employees that raised the retirement age from 60 to 62 and increased the minimum salary workers must earn before being eligible for pension benefits.

Now state government employees must earn at least $7,500 per year to qualify for a pension. The previous minimum was $500.

State employees will have to work a minimum of 20 hours per week to qualify for health benefits under the new plan. The state may also offer incentives for employees to opt out of health insurance.

Corzine administration officials say they expect the cutbacks to save more than $150 million through fiscal year 2022.

The law also axed Lincoln’s Birthday, Feb. 12, from the state’s paid holidays, thereby dropping the number of holidays to 12.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/7004/state-employee-benefits-cut "

Leave a Comment