HB1436: Unemployment compensation; wage offset.
HOUSE BILL NO. 1436
Be it enacted by the General Assembly of Virginia:
1. That § 60.2-603 of the Code of Virginia is amended and reenacted as follows:
§ 60.2-603. Weekly benefit for unemployment.
A. Each eligible individual who is unemployed in any week
shall be paid for such week a benefit equal to his weekly benefit amount less an amount equal to one-half of any part of the
wages payable to him for such week which is in excess of $50.
Where such excess is wage
amount is not a multiple of $1, it shall be computed to the
next highest multiple of $1.
B. Wages earned on a shift commencing Saturday and ending Sunday shall be allocated to the week in which the claimant earns the majority of wages for such work.
2. That the provisions of this act enhance the benefits payable to an individual pursuant to Title 60.2 of the Code of Virginia. Pursuant to § 30-19.03:1.2 of the Code of Virginia, the Virginia Employment Commission, in consultation with the Department of Planning and Budget, estimates that over the ensuing eight years (i) the provisions of this act are projected to reduce the solvency level of the Unemployment Trust Fund by an average of one percent in each of the eight years and (ii) the projected average annual increase in state unemployment tax liability of employers on a per-employee basis that would result from the provisions of this act is $0.93.