Insurance and Assurance.

As the economy lumbers toward recovery and consumers keep a tight grip on their funds, we have seen the job market react to the situation. Likely, there is not one of us who does not know somebody whose job has been affected. According to the U.S. Bureau of Labor Statistics, the last time the unemployment rate crept over the 10% mark was in September 1982. Presently, the United States unemployment rate is hovering at 9.8%. The bad news is that we cannot predict the future so we cannot know when the rates will drop. The good news is that hindsight is 20/20, and by looking back through the lens of the Bureau's statistics, we know that within a relatively short time the unemployment rate will lower. We know that history repeats itself so we have some assurance that the rates will drop sooner than later.
Unemployment insurance is for qualified individuals who are in need of income while looking for a job in this highly competitive market. Since I have recently assisted some people in navigating the waters of unemployment insurance benefits, I thought it would be fitting to summarize a few important facts about the process, which begins by applying with the Texas Workforce Commission.
Qualifications
The three main areas of requirements are past wages, job separation, and ongoing availability and work search. An individual must have received enough wages over the past twelve month period to establish a payable claim. This is used to calculate benefits. It is a somewhat complicated process to determine the amount, but generally the weekly benefit amount will be between $59 and $406 if one has earned enough wage credits to qualify.
The next step in determining eligibility is determining what manner employment ended. An individual must be unemployed or partially unemployed through no fault of their own to receive benefits. If a person voluntarily quits then he or she should be ready to prove that some special condition applies, such as being forced to undertake hazardous working conditions, inhumane treatment, to protect oneself from some illegality at work, or a well-documented work related or medical reason. Examples of qualifying separation may include being laid off, continued unemployment but with reduced hours, or being fired without work-related misconduct. There are also other reasons when separation may qualify, such as when one spouse quits to move with the other spouse or if one spouse quits to be with a spouse who is in the military.
Finally, for each week in which one claims benefits, he or she must actively search for full-time work (unless exempted by the Texas Workforce Commission). In addition, the claimant must be physically able to work and available for full-time employment. The claimant must be registered with the Texas Workforce Commission and report there as instructed, as well as keep a detailed log of work search activities for immediate submission when requested.
Other Considerations
If the claimant meets all the qualifications then the Texas Workforce Commission will send a bank debit card funded with unemployment benefits within about three to four weeks. One thing that is important to know is that these benefits are taxable as income by the Internal Revenue Service. Taxes can be withheld if the claimant completes and returns a tax withholding form.
Unemployment insurance benefits can be of great assistance. It may not be the same pay that the individual is accustomed to receiving, but it can be enough to buy some time until the next job is found. Remember, despite the high unemployment rate, we have assurances rooted in history that there will be a rebound.