The 7 important pros and cons of unemployment insurance are as follows
Pros:
More Free Time. When you have no job, you are a lot of free time to discover and explore your interests, passions and find out various career strategies. It keeps low-income households out of poverty.
Improving Credentials. It gives you a chance to achieve higher qualifications. You can develop new skill sets by completing a much-needed degree.
The people who have been qualified as unemployed, receive money payments or wage supplements to survive and to search for new jobs.
It works towards stabilizing the economy by ensuring that the unemployed people have enough abilities to spend on goods and services.
It provides some support to the workers during recessions.
Unemployment insurance motivates the workers to get a job in the sector that is important to the economy.
Cons:
Jobs often come with healthcare benefits but being unemployed faces a downfall in this benefit.
Although they receive to pay for being unemployed, it is comparatively less than an earned income.
When you are searching for new jobs, an unemployment gap can create a bump and cause suspicion of your working style.
The unemployment insurance which is financed by payroll taxes has a tendency to raise layoffs in some companies.
Unemployed workers will find a way to stall their job search and would prefer to stay unemployed. Keep reading SuccessYeti.com