Abstract
Missouri unemployment insurance covers unemployed workers (employees) when they are rendered jobless not because of their errors. Every state has their own rules and regulations pertaining to the unemployment insurance program. The write up below highlights little statistical information of the Missouri unemployment insurance programs and gives a gist of the program.
An attempt to maintain the prevailing economic stature, the State of Missouri unemployment insurance programs help the unemployed workers maintain their purchasing power by filling the void created by the loss of employment. This assistance is enjoyed by the unemployed workers only of they have lost their jobs where they cannot be blamed for the same. This replacement of wage is in no way a permanent means of settling the income for unemployment; this assistance is rendered for a maximum of 26 weeks, in times of extreme conditions of unemployment, Missouri unemployment insurance programs are extended.
Facts about Missouri unemployment insurance:
• The weekly average wage meant for covering unemployment insurance benefit for the FY 2007 was found to be $707.34.
• The maximum amount that was shelled out per week in the year 2007 in the State of Missouri was $280 every week. This benefit was extended for a maximum period of 26 weeks. For the current FY2008, the maximum amount to be paid to the workers on a weekly basis has been set as $320.
• The Government made payments of as much as $420,098,000 towards unemployment insurance benefits. This was the status as of June 2007.
• As many as 97.5 percent of workers belonging to the non-agricultural sector have coverage under the unemployment insurance programs. There are few sectors, which have not been included in the insurance programs. They include workers who are serving in the Federal government; workers engaged in railways and roadways activities, individuals engaged in their own family business and few domestic workers.
• The Federal Unemployment Tax Rate or FUTA is 6.2% pertaining to the 1 st USD$7000, paid by the employers to the workers. The federal rate is 0.8%.
• Taxable base of wages was made $12,000 as of 2008, January.
• It was found that during the FY2007, a total of $16,450,549 was made as over payments. Out of this, the Government could retrieve 52.1% of the above amount or $8,569,475.
The Internal Revenue Service or the IRS collects the tax money, which the employers shell out to fund for the benefit package.