While the US economy is slowly recovering, the risk of becoming involuntarily unemployed is still very real. Most people are concerned about this and, unfortunately, many are financially unprepared.
Employees receive unemployment insurance (UI) benefits from the state where they are employed, even if they reside in a different state. The benefits provided to any particular individual will vary in two respects: the number of weeks that they last and their weekly dollar amount.
In most states, workers are eligible for a maximum of 26 weeks. Before the recent recession, the average duration of UI benefits was 15 weeks.
The average unemployment benefit is a little more than $300 per week. This ranges from $235 in Mississippi to $679 per week in Massachusetts. Because the benefit is capped, UI benefits replace a smaller share of previous earnings for higher wage workers than lower wage workers.3
Will that be enough for you and your family if you’re not working? WageSecure can help you fill that gap.