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Government Mandated Benefits

In: Business and Management

Submitted By bobcat
Words 636
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Running head: A LITTLE RELIEF DURING RISING UNEMPLOYMENT

A Little Relief During Rising Unemployment

The article I found is titled “Unemployment Extension 2009 – H.R. 3548 U.S. Gov’t Extends Unemployment Benefits, Compensation for 20 Weeks.” This article was written in response to the rising unemployment rates in America. Unemployment Insurance provides income to those workers who are laid off by no fault of their own and allows them enough time to look for a job comparable to the one they had. The system is run and funded by state and federal taxes paid by employers. We’re in a recession, and recessions are associated with rising unemployment as a slowdown in the growth of consumer spending plays a huge role.
The Unemployment Compensation Extension Act of 2009, a legislation which seeks to extend unemployment benefits to those who have been unemployed for extended periods of time, and have exhausted regular unemployment benefits. This act will provide an additional 14-20 weeks of additional unemployment benefits to some Americans have already exhausted theirs or will do so by year-end. These benefits continue for 14 weeks for Americans in all 50 states who face exhaustion before year-end, and by 20 weeks for those living in states where the unemployment rate is 8.5% or higher. The additional 20 weeks in those states means the maximum a person in one of those states could receive is now up to 99 weeks, or almost two years, the most in history. As of Nov 2009, the unemployment rate for Illinois was 10.5%.
This week we talked about government mandated benefits and how they’re in place for our safety and important in order to prevent misuse. Clearly unemployment is an important issue and hot topic being faced by many Americans today as the reality of job loss is rising as we speak. “We all give adequate thought to the security of our valuable possessions like, the house or car and provide them insurance cover but we seldom accord the same consideration to the most valuable asset of all, our employment” (Understanding The Importance Of Unemployment Insurance).
The laws and concepts discussed in this article that would also help in the area of benefits are The Worker, Homeownership, and Business Assistance Act of 2009, The American Recovery and Reinvestment Act of 2009 (otherwise known as the 2009 economic stimulus plan), and the Emergency Unemployment Compensation.
With The American Recovery and Reinvestment Act of 2009, some of the provisions of the law primarily affect businesses. * Making Work Pay Tax Credit. The 2010 withholding rates, contained in Notice 1036, reflect reduced withholding as directed by the ARRA. An optional withholding procedure is available for pension plan administrators. * Work Opportunity tax credit. This newly-expanded credit adds returning veterans and "disconnected youth" to the list of new hires covered by the credit that businesses may claim (Internal Revenue Service).
They are way too many people unemployed and struggling to take care of their families. My recommendation would be to create more jobs where possible in an effort to strengthen the community and ensure that employers continue to report and pay premiums on employee wages each quarter so that when the situation presents itself, there will be a little peace during the difficult time.

References

Gott, L. (November 15, 2009). Unemployment Extension 2009 – H.R. 3548
(U.S. Gov’t Extends Unemployment Benefits, Compensation for 20 Weeks). Retrieved January 14, 2010, from http://personalbudgeting.suite101.com/article.cfm/unemployment_extension_2009_hr_3548
Understanding The Importance Of Unemployment Insurance (Posted February 10, 2008).
Retrieved January 14, 2010, from http://www.articlesbase.com/insurance-articles/understanding-the-importance-of-unemployment-insurance-329818.html
Internal Revenue Service. (2009). 401(k) Resource Guide. Retrieved January 14, 2010, from http://www.irs.gov/newsroom/article/0,,id=204335,00.html…...

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