Redirects portion of worker's unemployment compensation trust fund contribution to unemployment compensation administration fund.*

This bill redirects a portion of worker contributions from the unemployment compensation trust fund to the unemployment compensation administration fund. Currently, workers contribute 0.3825% of wages to the trust fund, which funds unemployment benefits. The bill would reduce this to 0.3625% for the trust fund while directing 0.0200% of wages to the administration fund instead. This reallocation aims to address chronic underfunding in the administration fund, which handles system operations but lacks sufficient resources. The change would take effect for wages paid on or after January 1, 2024.