Abstract
Nevada unemployment insurance programs, operating within the purview of the State as well as the Federal laws replenishes financial loss temporarily till the time the worker does not get re employed or as per time limit framed by the state law. Maintaining the purchasing power along with attaining a stable economy is two most sought after aims of the program.
Offering Nevada unemployment insurance benefits achieves two objectives- first by extending the temporary wage replacement benefit, the purchasing power of the unemployed worker is maintained and second, it also keeps the economy stabilized. Nevada unemployment insurance benefits are provided to employees who have been displaced from employment for fault other than their own. Certain eligibility conditions need to be fulfilled in order to avail of the unemployment insurance benefits.
Prerequisites For Claiming The Benefits:
One of the eligibility criteria requires that the unemployed worker needs to be working “full time” to avail of the benefit. Therefore, it has been observed that the number of workers availing the unemployment insurance benefits is more in case of workers who have been working full time or have been drawing higher wages as compared to the workers who have been employed on a part time basis or had been drawing lower wages. The reason being there are eligibility conditions pertaining to wages drawn in addition to the number of hours actually put in during the tenure of employment in the previous firm (base period). The worker intending to avail the compensation is required to be ready for re employment, details of the wage drawn during the base period also needs to be furnished.
Low-Income Workers Do Not Benefit Much:
Reports suggest that the percentage of unemployment insurance benefits drawn during a particular year in case of the workers who had been working full time prior to applying for benefits accounted for 40% of the unemployment benefit receipts as compared to the workers who had been drawing lower wages and had been working on a part time basis accounted for 18% of the total unemployment insurance benefit receipts.
Importance Of The Social Security Number:
The employers usually make the necessary contribution towards the payments for the insurance coverage. The Social Security number is of utmost importance and needs to be provided while filing for claims. The social security number helps in stopping fraudulent activities. There have been instances when the same social security number was used for making several claims. In other words, the social security number checks for the authenticity of the claim as well as the claimant.
Taxes Levied:
The income replacement, which the worker receives is taxable and is usually made known while filing for tax returns in the income tax file.