§ 2.2-904. Workforce Retraining Program
A. The Department shall develop a program to provide consulting services and funding to assist companies and businesses with retraining their existing workforces to increase productivity.
B. There is hereby established in the state treasury a special nonreverting fund to be known as the Workforce Retraining Fund. The Fund shall consist of any moneys appropriated thereto by the General Assembly from time to time and designated for the Fund. Any moneys deposited to or remaining in the Fund during or at the end of each fiscal year or biennium, including interest thereon, shall not revert to the general fund but shall remain in the Fund and be available for allocation under this article in ensuing fiscal years.
C. To be eligible for moneys from the Fund, a company shall:
1. Demonstrate that it is undergoing integration of new technology into its production process, a change of product line in keeping with marketplace demands, or substantial change to its service delivery process that would require assimilation of new skills and technological capabilities by the firm's existing labor force;
2. Demonstrate that, for each such integration of new technology into its production process, change of product line in keeping with marketplace demands, or substantial change to its service delivery process:
a. No less than 10 and no more than 200 full-time employees are involved; and
b. A minimum capital investment of $500,000 is committed within a 12-month period;
3. Certify that:
a. The company has not received moneys from the Fund in the previous 24 months;
b. The company counted only full-time employees to qualify for the program; and
c. Such full-time employees carry a minimum pay rate of $8 per hour; and
4. Meet such additional criteria as may be promulgated by the Department.
D. As used in this section:
"Capital investment" means an investment in real property, personal property, or both, at a manufacturing or basic nonmanufacturing facility within the Commonwealth that is capitalized by the company and that increases the productivity of the manufacturing facility, results in the utilization of a more advanced technology than is in use immediately prior to such investment, or both. In order to qualify as a capital investment, an investment in technology shall result in a measurable increase in capacity or productivity, a measurable decrease in the production of flawed product, or both.
"Full-time employee" means a natural person employed for indefinite duration, requiring a minimum of either (i) 35 hours of the employee's time per week for the entire normal year, which "normal year" must consist of at least 48 weeks or (ii) 1,680 hours per year. Seasonal or temporary employees shall not qualify as new full-time employees under this section.
E. Moneys in the Fund shall be used solely for grants to eligible businesses as provided in this section. The total amount of funds provided to eligible businesses under this section for any year shall not exceed the amount appropriated by the General Assembly to the Fund for such year. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director or his designee. The Fund shall be administered by the Director.
(2003, c. 338.)
Sections: Previous 2.2-900 2.2-901 2.2-902 2.2-903 2.2-904 2.2-904.1 NextLast modified: April 2, 2009