What is unemployment compensation?

Last modified 9/25/2023 8:24:06 AM EST

Unemployment compensation, also known as unemployment insurance or benefits, is provided by federal or state agencies to individuals who lose their jobs due to layoffs or retrenchment.

Eligibility Requirements:

To qualify for unemployment compensation, individuals must meet certain conditions, such as:

• Having a minimum work history
• Registering as unemployed
• Actively searching for a job

Reporting Unemployment Compensation:

The unemployment compensation paid to an individual must be reported by the respective government agency (federal, state, or local) on Form 1099-G.