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2000 SESSION

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HB 1340 Workforce Development Training Fund.

Introduced by: Kathy J. Byron | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Workforce Development Training Fund. Creates the Workforce Development Training Fund to provide or expand training and retraining opportunities for the Commonwealth’s workforce. The Fund may be used for specific purposes related to training and retraining of workers, including providing grants to local workforce investment areas designated under the federal Workforce Investment Act of 1998. The Virginia Workforce Council shall establish the procedures, criteria and performance measures for the Fund and shall report to the Governor annually regarding its findings.

SUMMARY AS PASSED HOUSE:

Unemployment compensation; Workforce Development Training Fund. Creates the Workforce Development Training Fund to provide or expand training and retraining opportunities for the Commonwealth’s workforce. The Fund may be used for specific purposes related to training and retraining of workers, including providing grants to local workforce investment areas designated under the federal Workforce Investment Act of 1998. The Virginia Workforce Council shall establish the procedures, criteria and performance measures for the Fund and shall report to the Governor annually regarding its findings.

SUMMARY AS INTRODUCED:

Unemployment compensation; Workforce Development Training Fund. Creates the Workforce Development Training Fund to provide or expand training and retraining opportunities for the Commonwealth’s workforce. The Fund may be used for specific purposes related to training and retraining of workers, including providing grants to local workforce investment areas designated under the federal Workforce Investment Act of 1998. Generally, covered employers required to pay assigned or experience rated unemployment insurance taxes are required to pay a contribution to the Fund. This contribution is equal to eight percent of each employer’s unemployment insurance tax rate, and a reduction equal to this contribution shall be applied to the employer’s tax rate. The Virginia Workforce Council shall establish the procedures, criteria and performance measures for the Fund and shall report to the Governor annually regarding its findings.