Question

Discuss the likely impact of each of the following on the unemployment rate.

1) The length of time workers are eligible to receive unemployment insurance payment is extended by 2 months. 2) The government funds an Interenet site where compnaies can post job opening at no charge.

Answer 1

The rate of study economic development always coupled with the immense stage of full employment. Even though the developed nations like the US, UK, and other European countries need to face an economic crisis when there is a sudden fall in the full employment rate. During the COVID-19 situation, many advanced countries help people to manage their financial needs. The Federal Government of the US takes many initiatives to save the people from the evil of unemployment by enacting Social Security Act operations.

1) Impact of Extending over 2 months on unemployment insurance payment:-  Unemployed workers need to manage the time limit to search for another job offer. The extent of insurance coverage up to 2 weeks may boost their monetary needs and will provide one fine chance to prepare for the Job search with sound health and knowledge. They compensate $600 per week in the unemployment insurance coverage. The compensation will double it to $1200 with the extension of the extra one week.

2) Impact of charging no fee for job seekers in the Govt funded website:- Recently, The Labor Department of the US Federal Government has posted many jobs offers on its own site to explore the job offers for the seekers at the right time who have a considerable and suitable profile. During the normal period, many consultant companies charge for job seekers. It posed a financial burden for them. But they can search for jobs with no registration fees. And also the US Bureau of Labor Statistics mainly provides the list of job openings on their own site. This maintenance of this site made funded by the Federal Government. At last, Job seekers can able to search for a comfortable job that suits their skills freely with simple procedures of uploading only their updated resume. The positive impact explained well by analyzing the above two facts.