The bill amends R.S.43:21-7 to redirect a portion of employer contributions to the unemployment compensation trust fund towards the unemployment compensation administration fund, enhancing the management of unemployment compensation. It specifies that employers, excluding governmental entities and certain nonprofits, must pay contributions based on their wage payments, with rates outlined in existing law. The bill also introduces a tiered contribution rate structure for workers, starting at 0.10% in 1998 and increasing to 0.3825% until December 31, 2023, with a new rate of 0.3625% effective January 1, 2024, alongside an additional 0.0200% directed to the administration fund.

Furthermore, the bill establishes a mechanism for adjusting contribution rates based on the unemployment trust fund's balance and allows for the transfer of employment experience during business transfers. It reduces contribution rates for both private and governmental employees, ensuring that the administration fund is adequately funded without affecting self-insured employers. The provisions of this bill will take effect immediately for all wages paid on or after January 1, 2024, addressing the funding shortfall in the unemployment compensation administration fund to support efficient operations.