We are quickly approaching the Benefits Cliff – September 6th– which marks the end of the extra $300 weekly payment of unemployment benefits. At this time, about 7.5 million people will lose unemployment benefits. According to a study recently published by JPMorgan Chase & Co. Institute, almost half of jobless workers (48%) make as much or more money on unemployment benefits than their lost paychecks, solely due to the extra $300 a week supplement.
If you are currently unemployed, you may be asking, “What does this mean for me?”. Plan on an uptick of competition when you apply for jobs online. Currently, employers are desperate to hire candidates looking for full-time and part-time work. The chances of securing a job right now are very high. Employers are also willing to pay premium rates. This is wonderful news for people who are looking to re-enter the workforce! This may very well change after September 6th. Employers are anticipating a large influx of applications, thus reducing your chances of being hired.
Act now if you plan on rejoining the workforce in the next few weeks. Use the lack of competition to your advantage, get your foot in the door of a reputable company, sit tight, and enjoy bringing home a big paycheck! Things can, and mostly likely will, change very quickly in September. The time is NOW!