Extended Unemployment Compensation received by area workers

ALBANY: As the current economic crisis continues to negatively affect both workers and businesses, the State Labor Department announced that since Extended Unemployment Compensation was enacted by the federal government this past summer, 8,632 workers in the Finger Lakes Region have collectively been paid more than $23.6 million in Extended Unemployment Compensation benefits. Statewide, 162,662 workers have received more than $500 million in Extended Unemployment Compensation.

Had the current extension of unemployment insurance not been signed into law, the Labor Department projects that 6,672 residents in the Finger Lakes Region would have exhausted their Extended Unemployment Compensation benefits by Dec. 31, which would have been devastating for families across the region. According to a Congressional budget office report on stimulating the economy, extending unemployment benefits is among the most cost-effective, potent, yet temporary steps that Congress can take to jump-start our economy. Studies have shown that an extension of unemployment insurance benefits beyond the normal 26 weeks generates a $1.64 increase in economic activity per dollar of cost. Therefore, Extended Unemployment Compensation has impacted the economy in the Finger Lakes Region by nearly $39 million, well beyond the $23.6 million paid out to workers since July. Statewide, it has had an $822 million impact on the economy.

New York States' Unemployment Insurance program provided benefits to more than 678,000 individuals through Dec. 12, 2008, amounting to over $2.6 billion in needed benefit payments to unemployed individuals, at an average weekly benefit amount of approximately $305 per week. In order to be eligible for Extended Unemployment Compensation, workers must:

• Be currently unemployed through no fault of their own.
• Have exhausted their regular unemployment insurance benefits on a current claim or have had a claim with a benefit year ending May 6, 2007 or later.
• Meet basic state eligibility requirements such as being ready, willing and able to work.
• Quitting employment in order to collect these benefits will result in disqualification.

Individuals can apply for Extended Unemployment Compensation by calling (888) 209-8124.

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