New Jersey Businesses Bracing for State’s New Mandatory Severance Requirements
New Jersey became the first state to enact a law requiring severance pay for workers during mass layoffs. In an interview with NJBiz, Alvaro Hasani explained that the new law will impact everyone who has at least 100 employees. “That’s not your Fortune 500 Company. That’s your midsized employer.” Paying severance to that many employees for a midsized employer could be devastating. Alvaro recommends, “if you’re anticipating lay-offs, you might as well go through the process now before the law becomes effective.”
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