Employers in the state of Pennsylvania must abide by new rules that were recently put in place. The Pennsylvania Department of Labor and Industry has changed the regulations for the contributions employers make towards employee benefits. Previous regulations stated that the required surety bond amount must be equal to 1% of the employer’s taxable wages paid for employees for the most recent four calendar quarters prior to the employer’s election to make such payments in place of making contributions. The new regulations require the bond to guarantee the compensation of the benefit payments which are calculated by the wages paid during the employer’s period of electing to make payments in place of contributions; the Pennsylvania Department of Labor and Industry will establish the bond amount required.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.