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What You Need to Know About Unemployment Benefits

 
The Boss
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User ID: 519702
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11/14/2008 02:18 PM
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What You Need to Know About Unemployment Benefits
***Please scroll down to see different posts on unemployment and severance package information.***


Severance Packages


[link to www.newyorklife.com]

By law, organizations are not required to offer severance packages to downsized employees. If they do offer packages, most companies compute severance payments on a formula, based on years of service and other factors. Some pay for un–taken vacation time, others don't. In short, packages vary. You may even be able to negotiate a better severance package, but make sure to consult a lawyer.

Whether you elect to take a lump sum severance payment, or opt for salary continuation payments, depends on many factors. These factors include:

Do you need immediate funds? If so, the lump sum option may be the better choice.
Do you need health insurance? Salary continuation may be the better choice here.
Do you have a certain amount of time before you qualify for pension or retirement benefits? Again, salary continuation might be the better option in this case.
Severance options may also have big tax consequences, depending on whether you chose a lump sum payment (you may want to consider investing it in an annuity or IRA), or salary continuation payments. Depending on your investment vehicle, the money may be taxed as income, or the earnings may be tax-deferred. To lower the immediate tax bite, you may be better off taking salary continuation, which would lower the income taxes due, as the amount is spread over a period of time.

Severance payments may also disqualify you from unemployment benefits. Typically, if you are receiving severance payments in the form of salary continuation and those payments equal or exceed your previous weekly wages, it qualifies as income. But eligibility requirements vary by state, so check with your local office (look in the phone book under unemployment, or under Bureau of Employment Services).

Taking the lump sum option may not be a shortcut to your first unemployment check, either. Typically, the government will determine how many weeks of wages your lump sum amount is worth. You won?t be eligible for unemployment until afterwards.

If you do qualify, unemployment payments are generally 50 percent of your recent income, and depending on years of service, the payments can extend up to six months. Unemployment benefits are regulated at the state level, so check with your state's Department of Labor for details specific to your state. Most states have a waiting period of one week after you are terminated.

A word of advice
Start the paperwork immediately, even if you're not sure of your eligibility. The process can take a long time.

Unemployment payments are there to tide you over until you find a job. Most states require you to furnish proof of looking for a job as well, so keep notes. Remember, if you refuse a suitable job, you may endanger your unemployment eligibility.

In the end, whatever option you choose, think before you sign. Although you may be receiving much-needed cash, you may also be signing away your legal right to sue.


Helpful Hint...
If you think you may be laid-off, and want to resign instead, talk to lawyer about your options. Resigning may disqualify you from unemployment benefits, unless it for a just cause.


Helpful Hint...
Before you leave, secure a written referral, stating the reason for your termination. Sample referral letters can be found on the Internet.


Did You Know...?
If you think you were terminated unlawfully, visit the Web site for the U.S. Equal Employment Opportunity Commission . According to the site, the following federal laws prohibit job discrimination:

Title VII of the Civil Rights Act of 1964 (Title VII), which prohibits employment discrimination based on race, color, religion, sex, or national origin;

The Equal Pay Act of 1963 (EPA), which protects men and women who perform substantially equal work in the same establishment from sex-based wage discrimination;

The Age Discrimination in Employment Act of 1967 (ADEA), which protects individuals who are 40 years of age or older;

Title I and Title V of the Americans with Disabilities Act of 1990 (ADA), which prohibit employment discrimination against qualified individuals with disabilities in the private sector, and in state and local governments;

Sections 501 and 505 of the Rehabilitation Act of 1973, which prohibit discrimination against qualified individuals with disabilities who work in the federal government; and

The Civil Rights Act of 1991, which, among other things, provides monetary damages in cases of intentional employment discrimination.

Did You Know...?
Unemployment insurance was created by the 1935 Social Security Act. The program is largely run through the Federal Unemployment Tax Act (FUTA). Each state follows minimum federal guidelines, but each has its own program. Basically, qualifying companies pay unemployment tax to help displaced workers.
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
The Boss (OP)

User ID: 519702
United States
11/14/2008 02:21 PM
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Re: What You Need to Know About Unemployment Benefits
Here is a list of all State Employment Offices for all 50 States


[link to www.job-hunt.org]
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
The Boss (OP)

User ID: 519702
United States
11/14/2008 02:22 PM
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Re: What You Need to Know About Unemployment Benefits
How to Collect Unemployment Benefits

[link to jobsearch.about.com]
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
Anonymous Coward
User ID: 550925
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11/14/2008 02:25 PM
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Re: What You Need to Know About Unemployment Benefits
Yep, always hit the unemployment office.

In my industry, standard was one week severance for every year of service. I don't know if that still holds though.
The Boss (OP)

User ID: 519702
United States
11/14/2008 02:25 PM
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Re: What You Need to Know About Unemployment Benefits
Also, check your local state laws to see if you can get unemployment along side your severance package (if you get one).
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
Kanigo2

User ID: 442313
United States
11/14/2008 02:31 PM
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Re: What You Need to Know About Unemployment Benefits
Thanks Boss.

I do believe this is the first thread of its kind..


(which is kind of weird)


But anyway..


To keep the thread going, I would suggest that each state needs a rep.


and I will start.


Florida's unemployment can be filed here.

[link to www.floridajobs.org]


It is only federal- so expect no more that $275 week.
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The Boss (OP)

User ID: 519702
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11/14/2008 02:31 PM
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Re: What You Need to Know About Unemployment Benefits
Layoff Severance Packages

What you may come to expect if your company offers you a severance package.

[link to jobsearchtech.about.com]
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
The Boss (OP)

User ID: 519702
United States
11/14/2008 02:32 PM
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Re: What You Need to Know About Unemployment Benefits
Federal Unemployment Office

[link to workforcesecurity.doleta.gov]
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
Kanigo2

User ID: 442313
United States
11/14/2008 02:34 PM
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Re: What You Need to Know About Unemployment Benefits
For your specific state..

can be found on a google search.

Here:

[link to www.google.com]
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murnut

User ID: 532170
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11/14/2008 02:34 PM
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Re: What You Need to Know About Unemployment Benefits
Thanks OP
Kanigo2

User ID: 442313
United States
11/14/2008 02:35 PM
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Re: What You Need to Know About Unemployment Benefits
The current amount (of time) that you can receive unemployment is now 9 months.


Expect this to change shortly- possibly open ended.


Keep in mind your Tax Exposure... If it is late in the year, make no payments in taxes(your income will go down)
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"GLP has some batty shit, but yours takes the fucking biscuit "-Disputed-

Hurray for Anarchy! This is the happiest moment of my life.
The Boss (OP)

User ID: 519702
United States
11/14/2008 02:38 PM
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Re: What You Need to Know About Unemployment Benefits
IMO one should also elect, in the case of severance, to receive ongoing pay rather than a lump sum. There are lots of tax implications there as well.
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
The Boss (OP)

User ID: 519702
United States
11/14/2008 02:40 PM
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Re: What You Need to Know About Unemployment Benefits
President Bush Signed H.R. 2642, the Supplemental Appropriations Act, 2008 on June 30, 2008—Extends Unemployment Benefits

On June 30, 2008, President Bush enacted the Supplemental Appropriations Act of 2008. This bill includes the Emergency Unemployment Compensation (EUC) program—a measured expansion of unemployment insurance benefits with a reasonable work requirement. Specifically, up to 13 additional weeks of benefits will be available to unemployed individuals who have already collected all regular state benefits for which they were eligible and meet the eligibility requirements.

States will administer the EUC program. For information about how to apply for EUC, click on the map below. It provides links to the websites for each state agency.
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
The Boss (OP)

User ID: 519702
United States
11/14/2008 02:42 PM
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Re: What You Need to Know About Unemployment Benefits
Unemployment Programs by State
Select State from Map


[link to www.servicelocator.org]
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
The Boss (OP)

User ID: 517299
United States
11/14/2008 06:01 PM
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Re: What You Need to Know About Unemployment Benefits
bump
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.
Kanigo2

User ID: 442313
United States
11/14/2008 06:06 PM
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Re: What You Need to Know About Unemployment Benefits
Thank you Boss -- For this point there is nothing I can do except bump.

If there is something else you would like to see.


I am more than willing to help.
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"GLP has some batty shit, but yours takes the fucking biscuit "-Disputed-

Hurray for Anarchy! This is the happiest moment of my life.
Anonymous Coward
User ID: 418932
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11/14/2008 06:12 PM
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Re: What You Need to Know About Unemployment Benefits
Yes, this is timely information.

I was laid off more than eight months ago. I received a year's salary severance, and am able to draw unemployment.

Something I would like to add here for folks who may get a nice windfall severance:

PAY OFF YOUR DEBT WITH IT as soon as you get it in your hands. You will free up perhaps quite a bit of spending power once you do and the savings on fees and interest, alone, is worth it.

That is what I did, and although it was only around
$10,000 or so, it freed up about $400 a month with about a $200 per month savings on the interest.
The Boss (OP)

User ID: 517299
United States
11/14/2008 08:05 PM
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Re: What You Need to Know About Unemployment Benefits
With so many pins up right now it's hard to keep something on pg1. No biggie I'll bump this on occasion for those who might need it.

I'm thinking that in addition to info on unemployment and severance packages, we could also give advise on posting to job boards.

For instance, when I was out of work years ago, I woke up early each day, and found out the EXACT time the job postings for that day were to come out. Many times it was like 5-6am EST. I wanted to send the email with my resume attached asap so that it was the first one to reach a recruiters email inbox.

So maybe a list of job boards with times that they feed? Maybe offering resume help? I'll post some more on those things later as well.
Pardon me for interrupting your premature celebration, but I thought it only fair to give you a sporting chance as you are new to this game.

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