The Maximum Weekly Benefit Amount (MWBA) for Unemployment Insurance recipients in the Virgin Islands for benefit year beginning Jan. 1 is $495 and the Taxable Wage Base for employer contributions is $23,700, according to a press release issued Tuesday by the Department of Labor.
“Even in this time of the ‘Great Recession,’ we are pleased that the MWBA in the Virgin Islands continues to increase. Because this calculation is based on a percentage of the wages paid by employers to their employees, it means that more wages were reported in insured work last year than the previous year, despite the increase in small business closings reported last year. This gives us hope as we continue to push through this recession,” the Commissioner of Labor Albert Bryan Jr. said.
By law, the MWBA shall be an amount equal to 65 percent of the established average weekly wage in insured work rounded to the next lower dollar. The established average weekly wage based on employment and wage statistics from our Bureau of Labor Statistics is $760.93.
The Taxable Wage Base is 60 percent 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 our Bureau of Labor Statistics is $39,568.31.
If you have any questions regarding this information, contact the Division of Unemployment Insurance on St. Croix at 773-1994 or on St. Thomas at 776-3700 for assistance.