Philadelphia Employment Law News

Should Millionaires Get Unemployment Handouts?

Is it fair that millionaires are getting unemployment benefits?

While unemployment benefits are supposed to help out those in need, more than 2,000 millionaires were receiving unemployment benefits in 2009, reports The Huffington Post.

Of course, millionaires only made up 0.02 percent of all unemployment recipients. But still, should millionaires even receive public assistance for unemployment?

The numbers take into account the spouses of millionaires who were receiving benefits, according to Bloomberg News, as well as those who were unemployed for part of the year prior to earning a high-paying salary.

Obviously, the fact that millionaires are receiving these benefits is shocking to some. But then again, even millionaires pay taxes and should be entitled to their rightful benefits, shouldn't they? Unemployment benefits are government-sponsored and supported by payroll taxes deducted from salaries. These benefits are essentially a placeholder until the worker finds a new job. As such, the recipient has to be in adequate physical condition to resume work and has to be available for immediate work.

While millionaires aren't expressly prohibited from receiving unemployment benefits, there are individuals who are not allowed to receive unemployment benefits. That includes employees fired for cause such as frequent tardiness, intoxication on the job, or dishonesty, to name a few reasons.

While it may seem unfair that millionaires are receiving unemployment benefits, keep in mind that unemployment benefits are limited to a specified period of time. They're not indefinite. And in the grand scheme of things, the amount the millionaires are receiving is a mere drop in the bucket when it comes to the overall federal debt, so these amounts really aren't depleting federal funds.

Nevertheless, we're bound to hear about it this election season!

Related Resources: