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What Is Unemployment Insurance
WHAT IS UNEMPLOYMENT INSURANCE?
Introduction:
The financial situation and the period of recession are causing a flow of lay-backs and cost cutting measures. There has been a tremendous rise in the dismissal of employees from organizations with many major companies and organizations filing Bankruptcy. This has caused a difficult situation for the person who has been laid off or has been fired from his position as an employee from the organization, or the organization has filed for bankruptcy. The situation of unemployment and no money would start tightening his financial situation with a new situation of him not being able to pay off his various debts. To guard against this situation the government of Canada has introduced regulations that were present previously for unemployment insurance, to accommodate the people who have lost their jobs.
Its Brief History in Canada:
It was first introduced the time of the Great depression when lots of people where suffering from unemployment. At that time the working employees would contribute a small amount of their earnings towards the fund that was setup to help the people who got unlucky in finding jobs. The fund was later called as the unemployment insurance which has been in practice till today, when it is once again required due to the present situation.
Unemployment Insurance:
It is defined as the sum of money that is being paid to the people who are not employed or have lost their jobs, by the government or some private organization or employment union. The person, who has registered himself as an unemployed person or as a person seeking a job after losing one, is eligible for getting this benefit known as the unemployment insurance. This is controlled and regulated by various regulatory bodies of the government. Let’s look at the regulations and the rules regarding this form of insurance in Canada.
Regulations in Canada:
The regulations describe various scenarios in Canada for the insurance cover for unemployment in Canada. Some are as follows:
* Pregnancy : A woman may claim the Unemployment benefit by providing a certificate from a registered doctor proving her pregnancy
* Lay-off: A person might avail the Unemployment benefit when the person is laid off from work and the organization for which he worked and was a part of had its production reduced to less that 80% of its original production.
* Loss of Part Time employment: When a person has lost the part time employment and does not have any job and is in the process of searching for a job then the person is eligible for the insurance cover for his unemployable status.
The payment method is usually weekly and the cheques can be collected from the unions or banks where they are intimated to be issued. The amount varies from meager amounts to sometimes part or even nearly equal to the original salary the person had been getting. The regulation has also provision for the calculations for this rate according to the previous work experience of the person.
Introduction:
The financial situation and the period of recession are causing a flow of lay-backs and cost cutting measures. There has been a tremendous rise in the dismissal of employees from organizations with many major companies and organizations filing Bankruptcy. This has caused a difficult situation for the person who has been laid off or has been fired from his position as an employee from the organization, or the organization has filed for bankruptcy. The situation of unemployment and no money would start tightening his financial situation with a new situation of him not being able to pay off his various debts. To guard against this situation the government of Canada has introduced regulations that were present previously for unemployment insurance, to accommodate the people who have lost their jobs.
Its Brief History in Canada:
It was first introduced the time of the Great depression when lots of people where suffering from unemployment. At that time the working employees would contribute a small amount of their earnings towards the fund that was setup to help the people who got unlucky in finding jobs. The fund was later called as the unemployment insurance which has been in practice till today, when it is once again required due to the present situation.
Unemployment Insurance:
It is defined as the sum of money that is being paid to the people who are not employed or have lost their jobs, by the government or some private organization or employment union. The person, who has registered himself as an unemployed person or as a person seeking a job after losing one, is eligible for getting this benefit known as the unemployment insurance. This is controlled and regulated by various regulatory bodies of the government. Let’s look at the regulations and the rules regarding this form of insurance in Canada.
Regulations in Canada:
The regulations describe various scenarios in Canada for the insurance cover for unemployment in Canada. Some are as follows:
* Pregnancy : A woman may claim the Unemployment benefit by providing a certificate from a registered doctor proving her pregnancy
* Lay-off: A person might avail the Unemployment benefit when the person is laid off from work and the organization for which he worked and was a part of had its production reduced to less that 80% of its original production.
* Loss of Part Time employment: When a person has lost the part time employment and does not have any job and is in the process of searching for a job then the person is eligible for the insurance cover for his unemployable status.
The payment method is usually weekly and the cheques can be collected from the unions or banks where they are intimated to be issued. The amount varies from meager amounts to sometimes part or even nearly equal to the original salary the person had been getting. The regulation has also provision for the calculations for this rate according to the previous work experience of the person.
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