BizTerm Definition
unemployment insurance (UI)
Full Definition

A program run jointly by federal and state governments that provides money benefits for a specified time -- usually 26 weeks -- after you've been laid off from a job. The amount of your unemployment check will be less than your former pay. Also called unemployment compensation, UI covers most employees, provided that they worked at least six months during the year prior to losing the job and earned the minimum amount of money required under the program's regulations.

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