Over 30 million people have filed unemployment claims since the middle of March. The CARES Act was passed as a safety net to help the millions of newly unemployed workers. This provides unemployed people with an additional $600 a week on top of their state unemployment benefits. The major unintended consequence of the $600 weekly federal unemployment payment is that now some workers are making more money from unemployment benefits than they earned while working.
5 Reasons You Should Go Back to Work, Even if You Make More with Unemployment Benefits
1. You May No Longer Be Eligible for Unemployment Benefits if You Are Offered Your Job Back.
When you are on unemployment, you are required to continue looking for a job, and have to accept suitable employment when it is offered. The CARES Act does not allow people to turn down a job offer because they are concerned about going back to work.
2. Expanded Unemployment Benefits Won’t Last Forever.
The expanded unemployment benefits are good for up to 4 months and while this is a comforting safety net that allows people to receive a living wage, they will eventually run out. Once they are out, you will be trying to find one of the limited jobs out there along with 30 million others.
3. Turning Down a Job Offer Today May Mean You’re Left Standing Without a Chair When the Music Stops.
Experts say that the unemployment rate could reach 16%-20% by June. There is a very serious risk that hundreds of thousands of highly skilled workers in a variety of industries will still be looking in the Fall. Having any job right now is better than no job at all.
4. You May Lose Employer-Sponsored Benefits
If you have been furloughed then you still have access to your healthcare benefits and certain other company perks – however, those benefits will end if you are offered your position back and you choose not to return. You can always choose COBRA benefits if you lose your job but that is a very expensive option.
5. Working Gives You Agency
Having a job during this unprecedented time will let you have control over some aspects of your life. It will give you pride, a sense of accomplishment and the knowledge that you are doing essential work that is important for others. It also provides you with additional benefits and a solid professional network that will keep your skills fresh and allow you to find another, potentially higher-paying job in the future.
*Information based on an article written by Ryan Guina, published by Forbes. Find it here.