The bill amends the Employment Security Act of 1980, focusing on the unemployment contribution rates for employers. It reduces the applicable percentages for various conditional factors, changing rates from 42.5% to 41.25%, from 45% to 42.5%, from 47.5% to 43.75%, and from 50% to 45%. Additionally, it introduces a new Conditional Factor Rate table that specifies contribution rates based on the employer's benefit wage ratio and the balance of the unemployment compensation fund. The bill also raises the minimum fund balance requirement from $25 million to $50 million and removes the existing formula for benefit wage ratio increases.

Moreover, the bill grants the Oklahoma Employment Security Commission the authority to take specific actions during a declared state of emergency, including claiming federal emergency relief funds and adjusting surcharges to maintain the fund balance. The changes aim to streamline the calculation of unemployment contributions and enhance the financial stability of the fund. The new provisions are set to take effect on November 1, 2025.