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In: Operations Management

Discuss the role of unemployment insurance in times of serious economic crisis, such as the Great...

Discuss the role of unemployment insurance in times of serious economic crisis, such as the Great Recession. In at least 150 words

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Expert Solution

Unemployment insurance refers to the critical needs which comes to existence at the time of losing job when in which the premium covers the basic salary needs for a small period of time.

For example during the great recession in 2007, the period of unemployment insurance has been increased from 21 days to 180 days. Where in which the people enrolled under which are saved a little from the great recession hit, because they were able to recover atleast the basic needs Without job for 6 months. This law was actually brought by Congress during the Congress the unemployment insurance period to 180 days

So basically unemployment insurance helps in tackling the unforeseen consequences due to serious economic crisis by creating a buffer corpus find for the individuals, which will be really helpful till the crisis resolves.

keosha answered 2 years ago
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