Benefits of hiring veterans are endless. Aside from being a patriotic duty and hiring qualified candidates, employers can access several financial benefits. So, we decided to help companies… we created a list of 6 financial benefits of hiring veterans!
6 Financial Benefits of Hiring Veterans
1. Work Opportunity Tax Credit (WOTC)
The WOTC is a Federal tax credit available to businesses and non-profit organizations for hiring Veterans. Aside from being a patriot employer, companies who hire Veterans can receive up to $9,600 in federal tax credits.
2. Special Employer Incentives (SEI)
The SEI program provides eligible Veterans an opportunity to obtain training and practical hands‐on experience. In addition to a qualified workforce, employers get reimbursement of up to 50% of the Veteran’s salary during the SEI program.
3. On-the-Job Training (OJT)
The OJT program provides eligible Veterans the opportunity to get training and job experience. The program is offered by the VA and it’s mainly for Veterans who are almost qualified for employment. In other words, it’s for veterans who may lack some specific training. So, in addition to hiring a qualified candidate, employers can hire a Veteran for a minimum of 50% of the average wage of a civilian worker.
4. Non-Paid Work Experience Training (NPWET)
The NPWET and SEI have the same objective: help veterans and service members obtain training and practical job experience. The similarities don’t stop there, employers may also hire a veteran for a minimum of 50% of the average wage of a civilian worker. Even though most businesses would like to access this benefit, the NPWET applies to Federal and State agencies only. Note, the Veteran enrolled in NPWE doesn’t count toward your full-time employees.
5. Activated Military Reservist Credit (AMRC)
The AMRC program provides employers with a credit of up to $4,000 for each employee who is a National Guard member or Reservist. Employers also receive a tax credit of 20% on wages paid while the employee is on active duty for more than 30 days.
6. Veterans of Florida Business Training Grant (VFBTG)
The VFBTG program’s mission is to increase the competitiveness of Florida businesses in the global economy. The program aims to achieve its goal by providing a trained and skilled workforce of Veterans living in Florida. As an incentive, employers get a reimbursement of up to $8,000 in training costs when they hire Veterans. So, if your company is located in Florida, it’s time to start considering your veteran candidates!
In summary, hiring veterans is a financial decision. So, if your company wants to become a patriot employer and reduce costs, it’s time to start hiring veterans.