Unemployment insurance is intended to be a social insurance program that provides temporary benefits to unemployed workers, and imposes payroll taxes on covered employers. It was created in response to the Great Depression, when millions lost their jobs. It was legalized in 1935 as a part of the Social Security Act.
Benefits of Unemployement Insurance:
Unemployment insurance replaces a part of your income when you lose your job, for no fault of your own. If your employer has laid you off, then you are potentially eligible to collect the benefits for at least 26 weeks, until you are recalled, find another job or leave the workforce. In general, the amount of benefit is based on the percentage of earning of an individual, over a recent period of 52 weeks. Many unemployed workers are also provided 50 to 60 percent of their previous wages, but this would depend on the state they live in. Each state in the US works on a different unemployment insurance plan, while the federal law determines the guidelines of each program. This insurance makes sure that the purchasing power of the citizen is maintained. The money for providing these benefits comes from the tax that is...
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