Vermont Relocation Expense Agreement
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How to fill out Relocation Expense Agreement?
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FAQ
There is a limit of one relocation grant per household. The Remote Worker Grant has been available for several years, but the state legislature has decided to bring it back for 2022.
A typical relocation package usually covers the costs of moving and storing furnishings, household goods, assistance with selling an existing home, costs incurred with house-hunting, temporary housing, and all travel costs by the employee and family to the new location.
There is a limit of one relocation grant per household. The Remote Worker Grant has been available for several years, but the state legislature has decided to bring it back for 2022.
An average relocation package costs between $21,327-$24,913 for a transferee who is a renter and $61,622-$79,429 for a transferee who is a homeowner. Of course, this number is just an average of what larger corporations are spending on employee relocation the relocation amount can be anywhere from $2,000 - $100,000.
Vermont. Vermont currently has two programs that each offer up to $7,500 in incentive pay for people who move there. The New Relocating Worker Grant is open to new residents who fill a vacancy with a state employer in a qualified occupation.
2. Vermont. In an effort to bring in younger residents to the state, Vermont is offering financial incentives that focus on remote workers. The Remote Worker Grant offers up to $7,500 in relocation expenses.
Those interested in receiving a grant must submit a complete application including proof of residency and documentation of eligible expenses. Grants will be awarded to those newly relocated workers who submit complete applications on a first come, first served basis.
The maximum incentive amount is calculated by multiplying the employee's annual rate of basic pay (as in effect at the beginning of the service period) × maximum incentive percentage A— length of the service period.
A relocation incentive is an incentive an agency may pay to a current employee who must relocate to a position in a different geographic area that is likely to be difficult to fill in the absence of such an incentive.
There's a lot of research out there about the average relocation cost, but a package can range anywhere from $2,000 to $100,000. How much you want to spend on an employee relocation package is entirely up to you and your company.