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(a) As a guide to the interpretation and application of this chapter, the public policy of the Virgin Islands is declared to be as follows:
- Economic insecurity due to unemployment is a threat to the health, morals, and welfare of the people of the Virgin Islands, and protection against this hazard requires appropriate action by the Legislature. The systematic accumulation of funds during periods of employment from which benefits may be paid for periods of unemployment would sustain the morale and conserve the skills and standards of living of those who became unemployed, by enabling them to meet their essential expenses for a reasonable period until they are able to obtain suitable work. Essential consumer purchasing power would thereby also be maintained, thus helping to sustain the confidence of the community and the general level of economic activity. The Legislature therefore declares that, in its considered judgment, the public good and the general welfare of the people of the Virgin Islands require the enactment of this measure for the compulsory setting aside of reserves to be used for the benefit of unemployed persons.
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(b) This chapter shall be known and may be cited as the “Virgin Islands Unemployment Insurance Act.” It shall be liberally construed to accomplish its purpose to promote employment security by providing through the accumulation of reserves for the payment of compensation to individuals with respect to their unemployment.