The bill amends R.S.43:21-7 to redirect a portion of employer contributions from the unemployment compensation trust fund to the unemployment compensation administration fund, enhancing the management of unemployment benefits. It specifies that employers, excluding governmental entities and certain nonprofits, must pay contributions based on their wage payments, with rates determined by existing law. The bill also introduces a framework for adjusting contribution rates based on the employer's benefit experience and the overall balance of the unemployment trust fund, ensuring that rates reflect economic conditions and the needs of the system.

Additionally, the bill establishes a tiered contribution rate for workers, reducing the rate for nongovernmental employees from 0.3825% to 0.3625% and for governmental employees from 0.0825% to 0.0625%, while mandating an additional 0.0200% to be allocated to the administration fund. It includes provisions for the transfer of employment experience during business transfers and allows for voluntary additional contributions by employers to recalculate their experience rates. The changes aim to address funding shortfalls in the administration fund while maintaining adequate funding for the unemployment compensation trust fund, with all adjustments taking effect for wages paid on or after January 1, 2024.