FOR IMMEDIATE RELEASE
December 28, 2023
Press Contact
Davina Martinez
Office: (340) 773.1994 ext. 2109
Cell: (340) 201.9093
www.vidol.gov
davina.martinez@dol.vi.gov
VIDOL ANNOUNCES UNEMPLOYMENT INSURANCE 2024 UPDATES
Maximum Weekly Benefit Amount (MWBA): $645.00
Taxable Wage Base (TWB): $31,000.00
USVI — Commissioner Gary Molloy announces important updates for the benefit year starting January 1, 2024. Noteworthy changes include the Maximum Weekly Benefit Amount (MWBA) set at $645.00 and a Taxable Wage Base (TWB) of $31,000.00 for employer contributions.
The MWBA is calculated as sixty-five percent of the Average Weekly Wage in insured work, rounded down to the nearest dollar. The established Average Weekly Wage is $993.02, and the Average Annual Wage is $51,637.00, based on employment and wage statistics from our local Bureau of Labor Statistics. These changes, following regulations in the Virgin Islands Unemployment Insurance Act, specifically Title 24, Chapter 12, Section 303(c), and Section 308(c), are crucial for the financial stability of the Unemployment Insurance program.
Commissioner Gary Molloy emphasizes that these adjustments are based on earnings, and the taxable wage base reflects the annual average income of individuals in the Virgin Islands.
For more detailed information, contact VIDOL’s Unemployment Insurance Division Tax Unit at (340) 773.1994 on St. Croix or (340) 776.3700 on St. Thomas. Further information can be found on the official website, www.vidol.gov
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