The new unemployment insurance tax rates will change on Jan. 1, 2020, according to a press release from Commissioner Gary Molloy of the V.I. Department of Labor. This is pursuant to his authority in Title 24 V.I.C. §308.
The rates will be as follows:
The unemployment tax rate for new employers will remain at 2.0 percent for 2020, under Act 8209 (Title 24 V.I.C. §308(b)(2)).
The unemployment tax rate for experienced contributory employers (those who have been in business three years or more) will be 2.5 percent. The Department of Labor encourages businesses to find out more about the payment process and rate calculations.
For more information, contact Gary Halyard, acting director of the Unemployment Insurance Unit, at 773-1994 ext. 2104 on St. Croix or contact Faye Reed, acting chief of Tax, at 776-3700 ext. 2013 or 2035 on St. Thomas.