Abstract
Virginia Unemployment Insurance Program supports re employment, checks unemployment rate and assists households of workers who have lost their jobs even though they did not have any fault. Although, attainment of economic stability is high on the list of objectives, nevertheless, there are monetary as well as non-monetary prerequisites, which need to be accomplished to avail of the benefits.
Virginia unemployment insurance program aims at providing temporary relief to the unemployed workers who have lost their jobs not due to their fault. Unemployment rate is regarded as an effective tool for determining the health of an individual to some extent. However, the scenario in Virginia is quite appreciable. The concept of unemployment insurance program started during the period of Great Depression during the year 1935. The state as well as the federal government as per Federal and State laws runs these programs jointly. The state laws adhere to the norms laid by the Federal government.
The main aim of the Virginia unemployment insurance program includes the following:
• To retard unemployment rate
• To help workers in getting re employed
• To maintain stability in the economic structure.
• The program also aims at extending temporary compensation for the income lost.
Some Monetary Facts About Virginia's Unemployment Insurance Benefits:
Reports reveal that as of 2007, the VEC or the Virginia Employment Commission made payments of USD$380,265,897 as unemployment insurance benefits to as many as 260,561 unemployed workers. The average amount paid to the workers per week was USD$263.97.
One of the monetary (eligibility) requirements of the state is that the unemployed worker opting for the benefit must have earned USD$2,700 as wage in any two quarters, which recorded the highest earnings during the duration of the base period. In Virginia, the minimum payment, which is shelled out every week, is $54, while the maximum amount, which is provided to an unemployed worker, as compensation is $363. The duration of the benefits in the state is for a maximum of 26 weeks time period.