Unemployed to receive further benefits

11.21.08
By Sarah Beldo

The headlines are fully of scary news these days, with the latest chilling statistics revealing that new jobless claims have reached a 16-year high.

If you have already been affected by the lay-offs sweeping businesses across the U.S. - or you suspect you are at risk - Congress has passed some legislation on Thursday that may be to your benefit.

President Bush has already indicated he intends to sign the bill, which extends jobless benefits by a minimum of seven weeks - and by as many as 13 weeks in states with unemployment levels exceeding 6 percent.

The old rules stipulated that unemployment benefits lasted for a period of 26 weeks.

Are you wondering if you are eligible for benefits? To qualify, you must have been let go through no fault of your own. So, if you quit your job or were fired as a result of your behavior, you would not be able to collect.

State law varies regarding further requirements, such as the minimum time you need to have been employed or how much you need to have earned.

The states also make their own rules for how much you receive, though it is typical to get 50 percent of your most recent wage, Andy Stettner of the National Employment Law Project told CNN Money. There is also a cap on how much you can receive per week.

If you worry about the safety of your job, you may want to begin making a financial contingency plan, in case you are laid off.

There are a number of steps you can take to improve your situation. For example, ordering a copy of your credit report can help you determine where you might run into trouble if your steady income decreases. If you have a large amount of credit card debt, start paying it off promptly.

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Jobless benefits have been extended