During A 10% Unemployment Rate, New Bill Proposes Extension Of Unemployment Benefits

During A 10% Unemployment Rate, New Bill Proposes Extension Of Unemployment Benefits

With all of the buzz that the global recession has calmed (finally!) in recent months, experts have stated that we are slowly, but surely, easing our way back into a stable and working economy. But with a current unemployment rate hovering around 10%, it's clear that we've still got a long way to go in recovery.

To aid in that recovery, a bill was proposed to extend unemployment benefits for jobless workers whose initial 26 weeks of unemployment had run out. Six months of benefits (or 26 weeks) is typically plenty of time to find a job in a booming economy, but with little upward trend in job creation, many workers have been unable to find work, resulting in mass chronic joblessness.

 

Over 7% Of Women Over Age 20 Are Unemployed

There are roughly 14.6 million unemployed workers in this country right now, according to the latest Jobs Report by the United States Department of Labor. And 7.8% of women over the age of 20 are currently unemployed. The dire unemployment situation in the U.S. is affecting everyone from fresh faced new grads to people with twenty years of experience under their belt. No one is immune to joblessness.

There Are Five Workers For Every Job

Economists have stated over the past few months that there are five qualified job seekers for every position available. This means that 80% of currently unemployed qualified workers are not going to be hired through no fault of their own. And at yesterday's Senate hearing, it was stated that now that number may even be as high as seven or eight applicants for every one job available. Until our economy gets back on track and there are ample jobs for everyone, there needs to be a system in place to help keep unemployed workers financially afloat. Even if it’s a paltry $293 a week—the average payout for workers receiving unemployment benefits in the U.S.

 

New Legislation Would Subsidize More Time To Seek Employment

The unemployment benefits extension is a bill that would extend unemployment benefits for unemployed workers who have maxed out their initial 26 weeks of coverage. An estimated 2.5 million people had their benefits cut off within the last month because there was no additional extension system in place—even though jobs are still few and far between. This bill would retroactively reimburse the unemployed their weekly benefits that were cut off while the bill was in limbo and would extend unemployed workers around 99 total weeks of unemployment benefits.

How Will This Affect Me If I'm Currently Unemployed?

This bill, if passed, will extend unemployment benefits to the myriad of unemployed women and men who have been unemployed for over six months. Some of the specifics of the bill are not known, but it has been stated that benefits would be retroactive from June 2nd, 2010 (when many unemployed workers were cut-off from benefits) and will run through the end of the year.

Learnvest

Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!