Unemployment Insurance Tax Rate
An initial unemployment insurance tax rate of 2.5 percent is applied to the first $8,000 in wages paid annually to each employee. After three years have passed an experience rate is determined and a tax range is set to reflect the employer’s experience. The rate applied can range between 0 and 5.4 percent. Visit the Virginia Employment Commission (VEC) web site or call the Hampton VEC office at (757) 865-5800 for more information.
Workers' Compensation Insurance
Virginia has the second lowest net cost of workers' compensation insurance in the United States. The maximum weekly benefit is two-thirds of the worker's weekly pay. Workers' compensation benefits cannot exceed $534 per week. Virginia's workers' compensation system strictly defines compensable injury so as to mitigate superfluous claims. The system has experienced a low rate of attorney involvement because it offers considerable assistance to employers and employees in the dispute resolution process. Visit the Virginia Workers' Compensation Commission's web site or call (877) 664-2566 for more information.
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