The bill amends the Employment Security Act of 1980 by adjusting the conditional factors and percentages that determine unemployment contribution rates for employers. It reduces the applicable percentages for various conditional factors, changing them 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 rate increases based on the employer's benefit wage ratio and the fund's balance, replacing the existing formula for benefit wage ratio increases.

Moreover, the bill increases the minimum balance required for the Unemployment Compensation Fund from $25 million to $50 million, ensuring a more robust reserve. It also grants the Oklahoma Employment Security Commission greater flexibility in managing the fund during a state of emergency, including the ability to borrow federal funds and adjust surcharges. The changes aim to streamline the calculation of unemployment contributions while enhancing the financial stability of the fund, with the new provisions set to take effect on November 1, 2025.