Latest News, Local News, International News, US Politics, Economy

Unemployment benefits: Why you may not be eligible if recession strikes?

Will there be a recession? For many people, analysts cautioned against investing in risky investments and the possibility of not receiving unemployment benefits.

In fact, analysts cautioned against investing in risky investments over a large portion of 2022. Therefore, it is not unrealistic to anticipate a decline within the next twelve months. And this may result in a substantial increase in layoffs. 

Unemployment Benefits 2023

Now, the good news is that many individuals who lose their jobs through no fault of their own qualify for unemployment benefits. While you seek new employment, these are a source of money to rely on.

But not everyone is eligible for unemployment. Moreover, if you find yourself unemployed in 2023 under these conditions, you may not be eligible for unemployment benefits.

1. You Didn’t Earn Enough Money

Prior to applying for unemployment in the majority of states, you must have worked for a minimum hour and earned a minimum amount of money. If you do not meet this criterion, your application for benefits may be denied.

There is no general amount of income that qualifies an individual for unemployment benefits, as the specifics differ by state. Rather, you will need to examine the relevant state regulations in your jurisdiction.

2. You’re Self-Employed

In 2020, when the beginning of the COVID-19 epidemic sparked a severe unemployment crisis, politicians altered the regulations to allow self-employed individuals to obtain unemployment benefits temporarily. 

However, that emergency relief has long since disappeared. Therefore, if you are self-employed in 2023 and your workload dries up, you will likely not qualify for unemployment benefits from your state.

3. You’re Unable To Work

You could lose your job if you’re preparing to have a child or if you need to take time off to care for a sick family member. To be eligible for unemployment benefits, you must be able to work and available for work. If you cannot meet these criteria, you will not be eligible for assistance.

While many individuals who are laid off ultimately qualify for unemployment, this is not always the case. Therefore, it is essential to keep a sizeable amount of cash in your savings account in the event that your primary source of income disappears and you are unable to receive state assistance to make up for the shortfall.

Read more: Apple supplier Foxconn changes the head of iPhone business

Jobless Rates Decline

Recession-Unemployment-Benefits-Finance-US News
Will there be a recession? For many people, analysts cautioned against investing in risky investments and the possibility of not receiving unemployment benefits.

In December, the unemployment rate continued to decline. In the final month of 2022, Statistics Netherlands (CBS) reported that 3.5% of the working population of the Netherlands was unemployed. This figure was 3.6% one month ago.

Many economists anticipate that the economy will enter a recession, therefore the continued decline in unemployment is remarkable. Economic downturn frequently coincides with employment loss.

In December, there were 352,000 unemployed individuals. Another 3,3 million unemployed individuals are not included in the labor force because they are not immediately available for work or have not lately sought employment.

In recent months, both the unemployed and the non-working population have decreased. In early 2012, the unemployment rate in the Netherlands reached a record low of 3.2%. The unemployment rate grew gradually to 3.8% in September before beginning to decline again.

Read more: 4200 jobs could be in risk due to British American Tobacco South Africa’s proposed restructuring

Leave A Reply

Your email address will not be published.