The Office of Federal Contract Compliance Programs (“OFCCP”) has released its 2023 Vietnam Era Veterans’ Readjustment Assistance Act (“VEVRAA”) benchmark. Effective March 31, 2023, the new benchmark is 5.4%, a slight decrease from 2022’s 5.5% benchmark. This is OFCCP’s eighth reduction of the benchmark, which has steadily declined since its inception in 2014.
The VEVRAA Benchmark is the figure which federal contractors must use to assess the effectiveness of their outreach programs for the hiring of veterans. Contractors may either use OFCCP’s national benchmark or establish their own benchmark using applicable statistics and other metrics set forth in OFCCP’s regulations (41 CFR § 60-300.45(b)(2)).