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Ch14 Handout Social Insurance Programs

Ch14 Handout Social Insurance Programs

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Published by Katherine Sauer

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Categories:Types, School Work
Published by: Katherine Sauer on Jan 04, 2012
Copyright:Attribution Non-commercial


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 Public Economics ± Dr. Sauer 
Chapter 14: Unemployment Insurance, Disability Insurance, Workers¶ CompensationTable 14-2
Unemployment Insurance in Colorado
The Unemployment Insurance Program providestemporary partialwage replacement to workers who have become unemployed through no fault of their own.- funded by employer paid taxes- provides benefits to those who meet the eligibility requirements of the ColoradoEmployment Security ActProgram goal:- aid in maintaining the economic stability within a community by safeguarding the income and purchasing power of the unemployed worker Administered by:Division of Employment and Training in the Department of Labor and EmploymentBase Period Wages (from date you file)1. Standard Base Period- earned at least $2,500- during the time period beginning about 15 months ago and ending about 3 months ago2. Alternate Base Period- earned at least $2,500- during the time period beginning about 12 months agoThe earnings must be from employers who paid us premiums for the unemployment fund.
2Colorado Uses Two Formulas to Calculate Unemployment Benefits- actual benefits are based on the formula that results in the highest weekly amountFormula 1:- total wages paid for the highest two consecutive quarters in the base period- total earnings from that period is divided by 26 weeks- multiply by 0.6 to determine weekly benefit amountAccording to Colorado law, this weekly benefit amount currently cannot exceed $454 per week,or be less than $25.Formula 2:- total wages in 12-month base period- divide by 52 weeks- divide by 2 to determine weekly benefit amountAccording to Colorado law, this weekly benefit amount currently cannot exceed $500 per week or be less than $25.Suppose you make $50,000 per year. You file for unemployment on 10/14/2011.Formula 1:wages for 2 quarters =divide by 26 weeks =multiply by 0.6 =Formula 2:total 12 month wages =divide by 52 weeks =divide by 2 =
3Your benefits are estimated to be $480.77 per week.How much of your weekly earnings are replaced?Eligibility:- unemployed through no fault of your own- able to work - available for work - willing to seek and accept suitable work - register with a workforce center Financing:Employers pay UI premiums.The initial rate is made up of (2010 data)-base rate (0.0170)- prescribed surcharge (0.0022)- solvency surcharge (0.0060)The UI rate is applied to the first $10,000 of each employee's annual earnings.Rates change with experience.Different liability criteria for:- domestic employers- nonprofit corporations- agricultural employers- construction- based on amount of wages paid and the number of employeesWhich employers?1. business that paid wages of at least $1500 in a calendar quarter during the prior or currentcalendar year 2. business that employed at least one person for any part of a day in 20 weeks during the prior or current calendar year 
isability Insurance in Colorado
Disability Determination Services (DDS) is the Colorado State Agency that makes the disabilitydecisions for Social Security.Social Security pays the State to run the office and make the decision.Benefits are same as full-retirement benefits from Social Security.Applicants must have a medically determinable physical or mental impairment that is expected to- result in death- last for at least 12 consecutive months

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