The bill amends R.S.43:21-7 to revise employer contributions to the unemployment compensation fund in New Jersey, establishing a base contribution rate of 2.7% for wages paid, with specific adjustments based on the Statewide average weekly remuneration. For calendar years starting January 1, 2020, the definition of "wages" for contributions to the State disability benefits fund is set to 107 times the Statewide average weekly remuneration. The bill also introduces experience rating provisions, allowing contribution rates to be adjusted based on an employer's past contributions and benefits charged, while ensuring that the rates reflect the financial health of the unemployment trust fund.

Additionally, the bill sets new contribution rates for workers employed by both governmental and non-governmental employers, including nonprofit organizations, starting January 1, 2024. Workers will contribute 0.3625% of their wages to the unemployment compensation fund and 0.0200% to the unemployment compensation administration fund. The bill also amends the "Temporary Disability Benefits Law" to establish guidelines for employee contributions to the State disability benefits fund, including provisions for refunds of excess contributions. Several outdated provisions have been deleted to streamline the contribution process and enhance compliance and accountability in managing unemployment benefits.