Unemployment Compensation

Definition of "Unemployment compensation"

Mel Espinosa real estate agent
Mel Espinosa, Real Estate Agent Coldwell Banker Residential Brokerage - Wayne Office

Money paid through state and federal programs to workers who are temporarily unemployed. The program, which was created by the social security act of 1935, is managed by the individual states, which decide the level of benefits that will be paid and assess a payroll tax on employers to pay for the program. Employers may pay more or less tax depending on the stability of their workforces. Weekly benefits vary widely among the states.

Have a question or comment?
We're here to help.

*** Your email address will remain confidential.


Popular Insurance Terms

Popular Insurance Questions