With the economy teetering on the edge of a recession, more people may find themselves unemployed in 2023, leading to an increase in requests for unemployment benefits.
Many people in the United States experienced a severe interruption in their life as a result of the COVID-19 outbreak.
Lockdown measures brought a multitude of issues, which are still being felt as the American economy fights to recover to its pre-pandemic level of stability.
Unemployment Benefits 2023
During the first half of 2022, supply-chain shortages caused the prices of a number of food staples to rise. This, coupled with the sanctions imposed on Russian imports, resulted in a gas crisis, with the average price of a gallon of gas in the United States surpassing $5 in June.
The resultant inflation compelled the U.S. Federal Reserve to enact a series of interest rate hikes to control the growing prices, with the most recent increase being in February, bringing the range to 4.25-4.50 percent.
As the cost of borrowing has increased, a number of companies, particularly those in the technology sector, have initiated a wave of layoffs.
If you lose your work through no fault of your own, you may be eligible for unemployment benefits, which would guarantee you a specific amount of money each week. Those who meet the following qualifications will be eligible to receive unemployment benefits:
- You must have earned a minimum amount within the previous 12 to 24 months.
- You must have worked regularly during the past 12 to 24 months.
- You must be seeking a new position.
In addition to the three general eligibility requirements listed above, each state has its own criteria for determining eligibility.
Read more: CalGrant: When should I apply for California grant?
Maximum Payment You Can Receive Weekly
As was just explained, the process that each state uses to figure up its unemployment compensation is unique to that state.
This indicates that the maximum amount you are eligible to receive will change based on the state in which you reside.
To those who qualify, residents of Massachusetts can get a weekly unemployment benefit of $823 if they live in the state. This makes Massachusetts the state with the highest weekly unemployment benefit.
Read more: SNAP benefits 2023: Is it possible to purchase infant formula with food stamps?
