State Legislature finally reached a budget agreement
The Washington State Legislature debated the 2015-2017 biennium budget until the critical last day, June 30th. Even though an agreement was reached and the Governor signed the budget, there are still uncertainties about funding for public education.On the positive side, the workers’ compensation COLA will increase by 4.168 percent in fiscal year 2016. This is due to the increase in the state’s average annual wage last year.The Employment Security Department reported that Washington’s average annual wage was $54,829 last year (an increase of 4.2 percent over 2013). The average weekly wage was $1,054.Unemployment insurance (UI) benefits and taxes (and workers’ compensation benefits) are calculated based on the average annual wage. Consequently, for new claims, the minimum weekly unemployment benefit will increase from $151 to $158 and the maximum benefit will increase from $637 to $664. In 2014, Washington’s average weekly UI benefit amount was $387.01 (the nation’s 5th highest).