Abstract: In this paper we will discuss some important terms, which are needed to understand unemployment insurance. It will help the readers get acquainted with unemployment insurance programs quickly.
To understand Unemployment Insurance clearly one needs to understand important terms related to it. These are listed below:
Account Percentage:
Account Percentage is calculated by dividing the employer's account balance by the average payroll, average is taken over the last five years.
Able and Viable:
The individual must be eligible and as well as available for work, otherwise insurance benefits will not be entitled.
Benefit:
Benefit is basically the amount of money given to the unemployed individual through the unemployment insurance program.
Disability:
If an individual is identified as disable, in accordance with the Disabilities Act of 1990 then there will be some extra benefit entitled for him or her.
Appeal:
It is the formal application submitted by the unemployed individual at the State Unemployment Insurance agency.
Claimant:
Any unemployed individual who is appealing for the unemployment insurance benefit.
Fund:
Fund refers to the unemployment insurance fund.
Unemployment Compensation for Federal Employees:
Unemployment Compensation is the unemployment benefit program for the federal employees.
Payroll:
Payroll is the wage paid by the employers to their employees.
Overpayment:
If the claimant receives more than the deserved amount then it is termed as overpayment.
Maximum benefit Rate:
Presently, the maximum benefit rate is 405 dollars.
Benefit Year:
It signifies the 26 months period over which the claimant will be receiving the benefit.
Computation Date:
On the compensation date the account balances of the employers are calculated.
Employer:
It means any kind of firm, private or government, or individual running business or partnership businesses etc.
Hearing:
It is a formal proceeding governed by an Administrative Law Judge to excogitate an appeal for the unemployment benefits or tax liability of an employer.