Attention Business Editors:
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BANKERS ASSOCIATION OPPOSES PAID FAMILY LEAVE LEGISLATION
PRINCETON: The New Jersey Bankers Association, trade association for the New Jersey banking industry, is "strongly opposing" proposed legislation that would provide employees with up to 12 weeks of paid time off to care for a family member.
"Unlike the existing unpaid leave laws, this proposal would apply to every business, no matter how small," said NJBankers President and CEO John E. McWeeney, Jr. "Unpaid leave laws currently apply only to those with 50 or more employees. This paid family leave bill would hit every employer with two or more employees. There is no small business exemption. It's another thorn in the side of New Jersey businesses large and small, and we strongly oppose it."
Paid family leave would make New Jersey only the second state in the nation after California with a paid family leave mandate, reaffirming our reputation as an anti-business state," said McWeeney.
If enacted, New Jersey employees would be entitled to twice the number of weeks of paid time off available to California workers. It would be funded out of employee contributions to the Temporary Disability Insurance Fund.
"In addition to potentially disrupting business staffing schedules, paid family leave may, in the end, cost all New Jersey employees more money through increased payroll taxes levied to replenish the TDIF when it runs low from funding family leaves," McWeeney said.
Employers would be prohibited from requiring employees to use more than two weeks of any existing paid time off, such as sick days or vacation, before taking the paid family leave benefit.
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