New Jersey became the first state in the country to enact a law that guarantees severance pay for mass layoffs, according to the bill's sponsors this week.
The legislation, signed by Gov. Phil Murphy on Tuesday, ensures that businesses with 100 or more full-time employees pay their workers one week of severance pay for every year of service whenever widespread downsizing or plant closures affecting 50 or more employees is on the horizon. The law also requires employers to give workers at least 90 days notice when such changes are imminent. That's up from 60 days.