Virginia § 60.2-530 - Benefit ratio
Full text of Virginia Code of Virginia § 60.2-530 — Benefit ratio, with citation guidance and answers to common questions.
§ 60.2-530. Benefit ratio
A. 1. The "benefit ratio" of each employer for a given calendar year shall be the percentage, rounded to the nearest one-tenth of a percent, equal to the employer's benefit charges for the 12 consecutive calendar month period ending on June 30 immediately preceding that calendar year, divided by the total of his payroll for the same period except that:
a. For an employer whose account has been chargeable with benefit charges for 48 or more consecutive completed calendar months, the "benefit ratio" shall be the percentage, rounded to the nearest one-tenth of a percent, equal to the employer's benefit charges for the most recent 48 consecutive completed calendar month period ending on June 30 immediately preceding that calendar year, divided by the total of his payrolls for the same period;
b. For an employer whose account has been chargeable with benefit charges for 36 but less than 48 consecutive completed calendar months the "benefit ratio" shall be the percentage equal to the employer's benefit charges for the most recent 36 consecutive completed calendar month period ending on June 30 immediately preceding that calendar year divided by his payroll for the same period; and
c. For an employer whose account has been chargeable with benefit charges for 24 but less than 36 consecutive completed calendar months the "benefit ratio" shall be the percentage, rounded to the nearest one-tenth of a percent, equal to the employer's benefit charges for the most recent 24 consecutive completed calendar month period ending on June 30 immediately preceding that calendar year divided by his payroll for the same period.
2. The term "payroll" as used in this section means the greater of (i) the taxable payroll on which taxes have been paid on or before September 30 immediately following such June 30 or (ii) $1.
B. Where benefit charges are not available for any or all of the periods used to determine an employer's benefit ratio, benefit wages divided by three shall be used in lieu of benefit charges for those periods benefit charges are not available, in combination with benefit charges, where available to determine an employer's benefit ratio.
Code 1950, § 60-70; 1954, c. 203; 1956, c. 440; 1960, c. 136; 1968, c. 738, § 60.1-82; 1977, c. 330; 1981, c. 606; 1986, c. 480; 2014, c. 191.
Frequently Asked Questions About Virginia § 60.2-530
What does Code of Virginia § 60.2-530 cover?
Section 60.2-530 ("Benefit ratio") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 60.2-530?
A common citation format is "Code of Virginia § 60.2-530" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 60.2-530 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.