The bill amends R.S.43:21-7 to revise employer contributions to the unemployment compensation fund in New Jersey, establishing a contribution rate of 2.7% of wages starting from 1947, with specific provisions for defining "wages" and addressing successor employers. It introduces a new framework for adjusting contribution rates based on the unemployment trust fund's reserve ratio, including a mechanism for increasing rates if the reserve ratio falls below 1.0%. Additionally, the bill streamlines existing regulations by deleting certain provisions related to worker contributions, thereby simplifying the process for employers and enhancing the responsiveness of the contribution system.

Moreover, the bill sets forth a tiered contribution rate structure for the State disability benefits fund, with rates starting at 0.10% in 1998 and adjusting over the years, culminating in a rate of 0.3625% for the unemployment compensation fund and an additional 0.0200% for the administration fund by January 1, 2024. It mandates that employers withhold these contributions from workers' wages and outlines the conditions for refunds of excess contributions. The act aims to clarify the responsibilities of both employers and employees regarding contributions while ensuring that the financial health of the funds is maintained.