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ANCILLARY LABOR COSTS |
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| In addition to a favorable labor climate and a highly productive work force, businesses will find that the so-called "hidden" costs of labor are low for companies located in Newport News. Workers' compensation, unemployment insurance and fringe benefit costs are a pleasant surprise in Newport News, not an unwelcome nightmare. Virginia is a "loss cost" state with respect to workers' compensation. Virginia's workers' compensation rates are among the lowest in all fifty states. In a study of 44 states by the National Council on Compensation Insurance, Virginia had the lowest frequency of injury claims. Factors contributing to Virginia's favorable workers' compensation rating include a restrictive definition of compensable injury, a seven-day waiting period for disability benefits, a cap of 500 weeks on all benefits other than total permanent disability, a low rate of attorney involvement, and a user-friendly dispute resolution process. Virginia has the lowest unemployment insurance rate in the nation. Because unions are weak in the Newport News area, employers determine the level of fringe benefits paid to their workers. When examining your firm's labor costs, consider the whole picture and you will find that Newport News stands out as a place where business can be profitable. |
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