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1997 SESSION

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HB 2559 Unemployment compensation; weekly benefit amount.

Introduced by: C. Richard Cranwell | all patrons    ...    notes | add to my profiles

SUMMARY:

Unemployment compensation; weekly benefit amount. Reduces, by $250 a year over a three-year period, the current base period earnings of $3,250 required to qualify for unemployment compensation benefits.

In July 1999, when the provisions of this bill are completely phased in, an otherwise eligible claimant who earns $2,500 in the highest two quarters of his base period will receive weekly unemployment compensation benefits of $50. Additionally, the bill increases the maximum unemployment compensation benefits. The maximum benefits, currently $224 a week, will be increased by $2 a year over the next four years. By July 2000, an otherwise eligible claimant may receive a maximum unemployment compensation benefit of $232 a week.

The bill also modifies the unemployment compensation trust fund adequacy formula by (i) reducing from 25 to 20 the number of years (immediately preceding the year of calculation) from which the highest recorded benefit ratios are drawn and (ii) reducing from 1.5 to 1.38 the preliminary multiplier utilized in calculating the fund adequacy multiplier. Changes in employer tax rates resulting from fund adequacy multiplier and adequate fund balance recalculations will become effective on July 1, 1997. The Commission is required to immediately notify employers of their recomputed tax rates for wages paid during the final two quarters of 1997.


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