The origination of unemployment benefits goes back to 1953. This is extremely helpful for millions of people who lost their jobs during the Great Depression. The collapse of the stock market in the October 29, 1929 initiated the depression the economy of the United States. Unemployment insurance served as a cushion to ease the direct effect of massive job loss in the country. In later years, other economies in the world turned to unemployment insurance benefits to support the family of the jobless section of the country.

This benefit is aimed to fight several social obstacles. Nevertheless, its main objective is to minimize the negative effect of unemployment. The main objectives include retaining the purchasing ability of workers, lowers burden of debt, keep the skilled and experienced section of the unemployed workforce to be able to work with local employers.

At a glance, unemployment insurance benefits are defined as transferred payments to those who lost their jobs without their fault. Typically, a person who registers as unemployed is entitled to acquire unemployment benefits. These benefits come under a system of para-governmental insurance that by nature is compulsory. Unemployment insurance benefits have benefited millions of families throughout the United States.

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