Threshold Increasing for Construction Premium Adjustment Program

The New Jersey Compensation Rating and Inspection Rating Bureau announced an increase in the minimum hourly wage employers must pay to receive a credit through the Construction Classification Premium Adjustment Program. The minimum hourly wage will increase to $40 from $38, the bureau announced Wednesday. The change takes effect at the start of 2027. The Construction Classification Premium Adjustment Program aims to balance premiums among construction firms paying different rates. When premiums are calculated based only on payroll, a company that pays higher wages could also pay more for wor...