Summary
New York is increasing the maximum weekly unemployment benefits from $504 to $869. This change aims to help unemployed workers and provide financial stability during economic uncertainty. The increase starts from the week of October 13, 2023.
Key Facts
- New York's maximum weekly unemployment benefits will rise from $504 to $869.
- This increase begins the week of October 13, 2023.
- The change is part of New York Governor Kathy Hochul's fiscal plan, which also paid off a $7 billion federal loan.
- About 115,000 federal employees in New York were affected by a federal government shutdown.
- Employers in New York will save money as the annual Interest Assessment Surcharge bills are eliminated, saving about $100 per employee in 2026 and $250 in 2027.
- The unemployment benefit increase aims to provide financial relief and stability to job-seekers.
- The exact benefit amount depends on what a worker earned in a previous period.
- The program is designed to help the unemployed during a time of economic uncertainty and reduced hiring by companies.
