Unemployment Insurance (UI) is a government program designed to provide financial support to individuals who have lost their jobs through no fault of their own. This safety net helps individuals maintain a basic standard of living while they search for new employment. Funded through employer contributions, the program offers temporary cash benefits and often includes support services like job training and placement assistance. Eligibility requirements vary by jurisdiction, but typically include having a history of employment, actively seeking new work, and being available for work.
For example, if Jane Smith, a factory worker, is laid off due to company downsizing, she may qualify for Unemployment Insurance. This benefit will provide her with a portion of her previous income while she looks for a new job.
Related Terms:
Workers Compensation
Occupational Accident Insurance
