Categories
Investments glossary

Unemployment Compensation

Unemployment compensation is paid by the state to unemployed workers who have lost their jobs due to layoffs or retrenchment. It is meant to provide a source of income for jobless workers until they can find employment. In order to be eligible for it, certain criteria must be satisfied, such as having worked for a minimum stipulated period and actively looking for employment. Unemployment compensation, generally provided by an unemployment check or a direct deposit, provides partial income replacement for a defined length of time or until the worker finds employment, whichever comes first. It is also known as “unemployment benefits” or “unemployment insurance.”1

Click to rate this post!
[Total: 0 Average: 0]

Leave a Reply

Your email address will not be published. Required fields are marked *