Today, the President acted quickly to sign into law the VOW_ to_ Hire_ Heroes_ Act_of_ 2011.pdf. In one of the few displays of both bipartisan and bicameral actions in recent times, Congress passed the legislation intended to assist unemployed veterans find employment. In a symbolic vote on November 10, the day before Veterans Day, the Senate unanimously passed its bill (95-0), which was based upon the House-passed Veterans Opportunity to Work (VOW) Act. The House followed quickly to pass that bill on November 16.
The Department of Labor’s Bureau of Labor Statistics (BLS), in its the October 2011 report, showed that the overall jobless rate for veterans, at 7.7%, was lower than the national rate of 9%, but for those who served in Iraq and Afghanistan, the rate was much higher--12.1%. Some 2/3 of these veterans are under age 35. Breaking the figures down further, Gulf War era II veterans, i.e., those who served since September 2001, who were current or past members of the National Guard or Reserve, suffered a worse unemployment rate in July, of 14%. This was still better than young, male veterans (ages 18-24), who had an unemployment rate of 21.9% in 2010.
The law provides a variety of methods to turn this situation around. Among its key provisions are its increases in education and training, job counseling, transition and placement assistance, and additional help for disabled veterans. It also amends the Uniformed Services Employment and Reemployment Rights Act (USERRA) to clarify what constitutes a benefit and a hostile work environment. One of the biggest boosts toward the goal of getting veterans employed is likely the tax credits to be given to employers hiring veterans. The law would provide a tax credit of up to $5,600 for hiring veterans who have been looking for a job for more than six months, a $2,400 credit for veterans who are unemployed for more than 4 weeks but less than 6 months and a tax credit of up to $9,600 for hiring veterans with service-connected disabilities who have been looking for a job for more than six months.