Posted February 10, 2018 08:02:03Kentucky’s unemployment insurance program is going up by more than 50%, and the jobless assistance it provides is dropping by $300 per month.
Matt Bevin said Thursday that the state’s unemployment program is up $3 billion, or $50 per month, in the fourth quarter, and it will go up another $4 billion in the following three quarters.
The unemployment assistance will go from $4.95 to $6.95 per month in the third quarter and from $3.25 to $3 per month the following quarter.
That’s the fourth straight quarter of unemployment increases, Bevin added.
Kentuckians who qualify for unemployment insurance, which has been rising steadily, will see an increase of about $50 over the next two years.
The state has a cap of $10,000 per person.
Bevin has said unemployment benefits will not go up more than 10% per month until at least 2021.
Kentucky has one of the lowest unemployment rates in the country, but unemployment has increased sharply in recent years.
Unemployment insurance for Kentuckians was $5.1 billion in 2018, up $2.3 billion from the previous year.
While there is no guarantee that the unemployment rate will remain at its current level, Bevan said the unemployment insurance is an effective tool in helping people get back on their feet.
He added that the job assistance program is not an expansion of the unemployment benefit program.
The unemployment assistance program provides $4,700 for up to three weeks of unemployment benefits, and up to $4 per day for up a month.
More than half of the state is covered by the unemployment benefits program, which is the most widely used program in the United States.
In addition to jobless insurance, Kentucky also has jobless compensation and emergency benefits.
Employers in the state who have hired new workers under the unemployment assistance programs are not subject to the $5,000 cap.