In accordance with the Virgin Islands Code, the V.I. Department of Labor Commissioner Gary Molloy has announced the Unemployment Insurance Contribution Rate for the tax year 2024.
Starting Jan. 1, 2024, and ending Dec. 31, 2024, the Unemployment Insurance Contribution Rate is set at 4.11 percent. This rate comprises a base rate of 2.11 percent and a Fund Solvency Rate of 2.0 percent.
Each employer will have a Tax Rate Factor added to the Contribution Rate based on the calculated tax rate interval ranking, as stipulated by the law. Additionally, no tax rates will exceed the statutory cap of 5.4% or fall below the baseline of 0.4%.
Employers are required to apply their final tax rate to each employee’s earned wages, not exceeding $31,000.00, for the tax year 2024.
The Department of Labor will dispatch Employers’ Annual Rate Notices via e-mail and the U.S. Postal Service by Jan. 31, 2024.
For inquiries regarding the Annual Rate Notice, contact the Department of Labor via e-mail at uitax@dol.vi.gov or call 15-5709 to ask for an unemployment insurance (UI) tax representative.
