Though the government avoided saying the “r” word for months, it’s been officially announced that the United States has been in a recession since December 2007.
Your job could be at risk. Cutting jobs are one of the ways companies keep down their operating costs. The country has already reached its highest level of unemployment since 1996 and more companies announce massive layoffs. You never know if your job is next so it’s a good idea so have an emergency fund of three to six months of living expenses to hold you until your next job.
It could be hard finding a job after a layoff. The overall number of jobs has decreased and that makes it hard to find a job once you’re unemployed. Use your emergency fund wisely and take advantage of your state’s unemployment insurance.
Update your resume now. If you get laid off, you’ll be able to start looking for a new job immediately. Take advantage of any skills training your current job offers. The more skills you have the more attractive you will be to future employers.
Keep your credit card debt under control. Though you may be tempted to rely on credit cards or loans to help you get through the recession, it’s better to keep your debt level low. That way, in the unfortunate event of a job loss, your debt bills will be lower.
Lock in your mortgage interest rate. Part of the recession was caused by increased mortgage payments on adjustable rate mortgages. As mortgage payments increased, consumers had less money to spend on consumable goods. Work with your lender to modify your loan with a fixed interest rate. Or, try to refinance your mortgage into a fixed-rate mortgage. Though your payments might be higher than they are currently, you never have to worry about them increasing.
Showing posts with label unemployment insurance. Show all posts
Showing posts with label unemployment insurance. Show all posts
Friday, December 5, 2008
Tuesday, November 25, 2008
What You Need to Know About Unemployment Insurance
Reports say the unemployment rate has hit a sixteen-year high. Record numbers of people are jobless and more are being laid off every day. Earlier this month, President Bush signed a new law, The Unemployment Extension Act of 2008, which would extend the length of time for unemployment benefits.
Typically, workers are able to receive 26 weeks of unemployment. The new law could extend that time by up to 13 weeks in states with the highest unemployment rates. All other states would extend the benefit period by seven weeks. Nine states currently have unemployment rates that exceed the national average: Michigan, Rhode Island, California, South Carolina, Nevada, Illinois, Ohio, Oregon, and Florida.
Who qualifies for unemployment?
Unemployment requirements are different from one state to the next. In general, you cannot have lost your job through something you’ve done (e.g. quit, show up late, etc.) and you must be actively looking for a new job. You may be able to receive unemployment benefits in some states if you were fired or quit because of medical reasons. Your income and time on the job are also considered in determining whether you’ll receive unemployment assistance and how much you need.
How much will you receive?
Again, it varies by state, but generally you receive half of your last paycheck for 26 weeks up to a maximum of the state’s average income. In Ohio, for example, the maximum weekly benefit amount is $493. In Nevada, it’s $365.
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How to file?
Contact your state’s Unemployment Insurance agency after you’ve become unemployed. You may be able to file your claim over the phone or using the internet. You’ll typically receive your first benefit check between two and three weeks after you’ve filed your claim. You can locate contact information for your state’s Unemployment Insurance agency via the U.S. Department of Labor’s website.
Typically, workers are able to receive 26 weeks of unemployment. The new law could extend that time by up to 13 weeks in states with the highest unemployment rates. All other states would extend the benefit period by seven weeks. Nine states currently have unemployment rates that exceed the national average: Michigan, Rhode Island, California, South Carolina, Nevada, Illinois, Ohio, Oregon, and Florida.
Who qualifies for unemployment?
Unemployment requirements are different from one state to the next. In general, you cannot have lost your job through something you’ve done (e.g. quit, show up late, etc.) and you must be actively looking for a new job. You may be able to receive unemployment benefits in some states if you were fired or quit because of medical reasons. Your income and time on the job are also considered in determining whether you’ll receive unemployment assistance and how much you need.
How much will you receive?
Again, it varies by state, but generally you receive half of your last paycheck for 26 weeks up to a maximum of the state’s average income. In Ohio, for example, the maximum weekly benefit amount is $493. In Nevada, it’s $365.
Perhaps a cash advance loan could also help at this time. For more information, please click here.
How to file?
Contact your state’s Unemployment Insurance agency after you’ve become unemployed. You may be able to file your claim over the phone or using the internet. You’ll typically receive your first benefit check between two and three weeks after you’ve filed your claim. You can locate contact information for your state’s Unemployment Insurance agency via the U.S. Department of Labor’s website.
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