Dec. 20, 2004 — Commissioner Cecil R. Benjamin is announcing that the Unemployment Insurance Maximum Weekly Benefit Amount (MWBA) in the Virgin Islands for benefit year beginning January 3, 2005 is $387.00 and the Taxable Wage Base (TWB) for employer contributions is $18,600.00.
In accordance to VIC, Title 24, Chapter 12, Section 303(c) of the Virgin Islands Unemployment Insurance Act, the Maximum Weekly Benefit Amount shall be in an amount equal to sixty-five percent (65%) of the established average weekly wage in insured work rounded to the next dollar. The established average weekly wage based on employment and wage statistics from the Department of Labor Bureau of Labor Statistics is $595.80.
Furthermore, in accordance to VIC, Title 24, Chapter 12, Section 308(c) of the Virgin Islands Unemployment Insurance Act, the Taxable Wage Base is sixty percent (60%) of the average annual wage in insured work rounded to the nearest one hundred dollars. The established average annual wage based on employment and wage statistics from the Bureau of Labor Statistics is $30,981.65. The Unemployment Insurance fund solvency contribution rate for 2005 is –.05%.
For furthermore information please contact the Division of Unemployment Insurance on St. Thomas at 340-776-3700 and 340-773-1440 on St. Croix.
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