If approved, the bill will raise weekly unemployment benefits from $300 to $415, a 38% increase.
Other safeguards in the package include providing an income tax deduction to unemployed parents who are paying college tuition for their children, waiving penalties and interest on delinquent income tax payments owed by unemployed workers for up to six months, creating a new “Worker Financial Security Account” that allows employees to pay into a savings plan similar to a 401(k) from which they can make tax-free withdrawals during periods of unemployment, and promote the availability of free vocational training, career counseling, job search and placement assistance.
“This is a sensible plan to protect unemployed workers and their families while creating new opportunities to re-enter the work force as quickly as possible,” said Richardville. “These new safeguards are tangible ways to help keep Michigan families afloat during a very difficult time.”
(left) State Representative Randy Richardville and (right) Michigan House Speaker Rick Johnson unveiling the new bill.