Unemployment Insurance
Unemployment Insurance-Employee’s Lifeline in Times of Need
The world economic crisis of 2008-2009 that is currently being experienced by everyone is taking its toll on the economy of even the first world countries like the United States. Thousands of people have been left jobless due to the decrease in the demands of items such as cars, houses, computer chips and others. Due to the increasing number of people who are jobless, people in the US are turning to their government to help them in their time of need by availing of unemployment insurance.
The unemployment insurance that the United States government has put up is an insurance coverage that the unemployed people can tap into provide temporary financial assistance so they can still continue to provide for their families while they are looking for another job. Almost anyone can apply for this type of insurance provided they pass the eligibility requirements of the state law.
Unemployment insurance is available in almost all of the fifty states in the US. Each state’s guidelines may vary – but they generally follow the guidelines set by Federal Law. The Unemployment Insurance of California makes the check payments directly to the individual so he can use the money for basic items such as food and clothing. If that person makes the purchase within the community where he lives, he helps sustain the economy in his area because he is bringing in business. It becomes a win-win situation both for the individual and the community where he resides in.
In availing the unemployment insurance, the individual must be made to understand that this type of assistance is only temporary and that he has to be fit and ready to work if there are jobs offered to him. If the individual does not accept the job offers, this may be one of the bases for the denial of his application for unemployment insurance.
Having unemployment insurance to help people without jobs is important during times of crisis. For other countries that do not have unemployment insurance available, those who are unemployed do not have any money to sustain their family’s needs. These people end up selling their belongings in order to have some money so they can afford to buy food. Countries such as Iceland which invested so much on bonds and certificates is having a hard time financially due to the crisis and it may take quite some time before they can regain the billions they have lost.
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