How To Calculate Unemployment
A person is considered unemployed when he is actively looking for employment but is currently without a job. In today’s business climate, nothing is more worrisome than the ever rising rate of unemployment. Statistics from Monster.com, an online job search website, have shown a steady rise in individuals looking for employment online. The company boasts of 150 million resumes to-date. Job search has become one of the top activities on the Internet. Books on unemployment like How to Maximize Your Unemployment Benefits are popular, given the global recession.
If you lost your job through no fault of your own, find out how to collect unemployment benefits. Applications are made through your local unemployment office. There are different requirements that must be met before filing for unemployment benefits.
The unemployment officer will determine if you are qualified and compute
your weekly benefits rate (WBR). One qualification is that your previous employer should have paid unemployment insurance. Check your state’s websites for other eligibility requirements including the formula and rates used to calculate unemployment claims.
It is important to know whether it is financially better to be unemployed (at the moment) rather than to stay in a low paying job. You can calculate your WBR on your own.
Define your base period. This is used to determine if you can actually collect benefits from your state. Follow these steps:
1. Based on the date you were laid off, identify the last full quarter that you worked. The calendar year is divided into 4 quarters, namely:
- First: January 1-March 31
- Second: April 1-June30
- Third: July 1-September 30
- Fourth: October 1-December 31