Washington’s average wage grows by 4.2 percent in 2014
Media contact: Janelle Guthrie, communications director, 360-902-9289
OLYMPIA – Washington’s average annual wage increased by 4.2 percent in 2014 to $54,829, according to the state Employment Security Department – the largest percentage increase since 2007.
The average weekly wage rose to $1,054 – up from $1,012 in in 2013.
These figures include only those wages that are covered by unemployment insurance.
Total earnings grew by nearly $9.7 billion in 2014 to $161.5 trillion – a 6.4 percent increase. Overall, the average number of workers in Washington covered by unemployment insurance grew by 62,942 to more than 2.9 million in 2014.
The three industries with the largest average wage growth in 2014 were the information sector, up 10.3 percent; arts, entertainment and recreation, up 6.5 percent; and retail trade, up 4.3 percent.
ESD uses the average annual wage to calculate unemployment benefits for jobless workers. The minimum weekly unemployment benefit, calculated at 15 percent of the average weekly wage, will increase from $151 to $158 for new claims opened on or after July 5, 2015. At the same time, the maximum weekly benefit, calculated at 63 percent of the average weekly wage, will increase from $637 to $664.
Currently, about 12 percent of unemployment insurance claimants receive the maximum benefit amount, and 8 percent get the minimum.
In addition to unemployment benefits, ESD uses the average annual wage to compute employers’ unemployment taxes. Beginning in 2016, employers will pay unemployment taxes on the first $44,000 paid to each employee, up from $42,100 in 2015.
The Department of Labor & Industries also uses the state average wage to calculate workers’ compensation benefits.
Employment Security Department – www.esd.wa.gov
Washington’s average annual wage grew to more than 54-thousand-eight-hundred dollars in 2014 – a four-point-two percent increase and the largest percentage increase since 2007 – according to the state Employment Security Department.
The three industries with the greatest wage growth were the information industry; arts, entertainment and recreation; and retail trade.
The average annual wage is used to compute the minimum and maximum unemployment benefits for jobless workers.
Because of the average-wage increase, the minimum unemployment benefit will increase to $158.
The maximum weekly benefit will increase to $664 per week.
The increases take effect only for new unemployment claims filed on or after July 5.