The bill amends R.S.43:21-7 to revise employer contributions to the unemployment compensation fund in New Jersey, particularly for calendar years beginning on or after January 1, 2020. It establishes that employers, excluding governmental entities, must calculate contributions based on employment levels and wages, with "wages" defined as 107 times the Statewide average weekly remuneration. The bill also outlines conditions for adjusting employer contribution rates based on their benefit experience and the unemployment trust fund's balance, including maintaining separate accounts for each employer and providing annual summaries of benefits charged.

Additionally, the bill introduces a tiered contribution rate for workers employed by governmental and nonprofit organizations, starting at 0.10% of wages in 1998 and increasing to 0.3625% by January 1, 2024. It mandates that workers contribute 0.0200% of their wages to the unemployment compensation administration fund starting January 1, 2024, and specifies that any increases in costs for disability benefits will be funded solely by worker contributions. The bill also includes provisions for refunds of excess contributions by employees and outlines the process for employer contributions, ensuring clarity in obligations for both workers and employers.