KENTUCKY unemployment insurance has reached an average premium of $2,099 for 2017, with an average of $1,965 in premium over the past year, according to data from the state’s Department of Insurance.
Key points:Kentucky unemployment benefits are set to end at the end of the yearThe average annual premium in 2017 was $1.965Kentucky Unemployment benefits are capped at $2.50 an hourThe average premium for 2017 was at $1 of $3,091 in premiums in the past three yearsThe average cost for Kentuckys unemployment insurance is $1 a weekKentucky is the only state in the US that has not had unemployment insurance capped at the $2 per hour rate, but the cap is set to expire at the start of 2020.
The Department of Employment and Workplace Relations (DESHR) said the average annual premiums over the last three years have averaged $1 per week, a figure that does not include any premium discounts.
The average weekly premium for all unemployment insurance benefits is $3.49, and the average premium over that period was $3 of $4,947.
Kentucky has had the highest unemployment insurance premiums in states like Florida, Pennsylvania and North Carolina, but not many other states have been able to offer the same level of coverage.
A spokesman for DESHR said the caps on premiums were an option that had been discussed with employers but not implemented yet.
“It’s a matter of a number of factors, such as the cost of covering the workers and how much is needed to cover the cost to cover it,” said the spokesman, Kevin O’Neill.
“As a result, we are not in a position to provide a clear answer at this stage.”
He said there had been a small increase in the amount of workers covered by unemployment insurance during the past two years, but this was not the norm and employers would be able to keep the coverage if they needed to.
“We are still in discussions with the Department of Labor to explore what further options are available to assist employers to meet the increasing demand for their workers,” he said.
“If any further information is required, we will share that information as soon as it becomes available.”‘
You need to pay more’For some, this means that they have to pay extra for insurance or face losing their jobs.
“I’m getting paid a lot more than my wife, but you can’t be a millionaire if you can not afford to pay the bills,” said Daniel Clements, who works in retail.
“And the people who are making money are getting paid less.”
For a lot of people it’s about a feeling of being underpaid, which is very unfair.
“The government is trying to cut unemployment benefits, but it’s not working.”
Kentucky’s unemployment insurance cap was introduced in 2006, but has only been applied to the state since 2012.
In a statement, DESHR explained that the caps were meant to ensure that unemployment benefits were not a “free lunch”.
“The caps on benefits were put in place to ensure a system of unemployment benefits that is affordable and equitable for people on a range of benefits,” it said.
“The caps ensure that people on unemployment benefits have the flexibility to find employment, pay taxes and cover basic expenses, but that no person will be left behind.”
While the cap on benefits was intended to help people make ends meet, it has also helped to reduce the financial strain on state and local governments by helping to support the unemployed.
“Mr Clements said that, while the cap did not provide a guarantee of full coverage, he was happy to pay a little extra.”
You’re paying $1 more to buy insurance than you would for a comparable insurance policy,” he explained.”
So you’re getting a little bit more out of the deal.
“Even if it means I don’t have to work full-time, it’s still a big help.”