Under the Virginia Workers Compensation Act, lost wages are one of the benefits an you can receive. I have put together some instructions to help you calculate the amount of your Virginia workers compensation lost wage benefits.
1. Collect all of your pay stubs for the 52 weeks prior to your injury (this includes over time, per diem pay, bonuses and commission). Calculate your total gross earnings (not your your take home pay) over that period and divide the total gross earnings figure by 52. The resulting amount is your average weekly wage as defined under the Virginia Workers Compensation Act. If you do not yet have 52 weeks under employment, a figure will be derived using the earnings of similarly employed person at your place of work or in the local area.
2. Multiply your average weekly wage by 66.66 percent (or 2/3rds for easy estimation). The resulting figure is your initial lost wage compensation rate, which is subject to certain adjustments as described below. This is the lost wage benefits rate that workers compensation insurance company will be paying you and it will also be the rate that all future calculations will be subject to.
3. Visit the Virginia Workers Compensation Commission website and take a look at the Compensation Benefits Chart. This chart lists the minimum and maximum wage compensation amounts for each calendar year past to present, as set forth by the Virginia Workers Compensation Commission. If your initial lost wage benefits compensation rate amount falls inside the range listed, you will receive the calculated amount in weekly benefits (or TTD), for as long as the Commission allows and if your workers compensation doctor has you out of work. If your initial lost wage compensation rate falls outside this range, it will be adjusted accordingly based on the minimum or maximum rates.
If you would like more information on the Virginia workers compensation system, order my book, “The Ultimate Guide to Workers’ Compensation in Virginia” by clicking this link, or call our office today (804) 755-7755.