Multiple states offering return-to-work bonuses of up to $2,000
Yahoo Finance’s Denitsa Tsekova reports details on states offering return-to-work bonuses and the eligibility for the one-time payment.
Video transcript
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ALEXIS CHRISTOFOROUS: Welcome back. While 25 states are opting out of the federal unemployment programs, a growing number of states are actually offering return to work bonuses of up to $2,000. Yahoo Finance's Denitsa Tsekova here now with all those details. Trying to lure those workers back in, Denitsa.
DENITSA TSEKOVA: Yeah, that's the idea. So these are the so-called return to work bonuses. It's important to say that four of the states that are offering them are offering them as an alternative of the federal unemployment benefits they're canceling. These are the states Montana, Arizona, Oklahoma and New Hampshire. So workers there, even though they are getting those to return to our bonuses, will actually get fewer money out of the bonuses compared to the benefits being extended.
There are two more states, Colorado and Connecticut, which are giving out those bonuses while keeping the expanded unemployment benefits. So workers in those states will have additional initiative in funding provided. The benefits are very different by state. As you said, Arizona has the biggest benefits. $2,000 for full-time workers, $1,000 for part-time workers. Other states have $1,600, $1,200, #1,000. So workers have to check what's the exact amount for each of their state.
Also, the requirements are very different. Some workers have to stay on their new jobs four weeks, other workers have to be at their new jobs for 10 weeks to actually get that payment. They won't get it at the start when they actually accept the job offer. There are a few other requirements. For example, in Oklahoma, only the first 2,000 workers will get that bonus, while in New Hampshire, only workers that receive [? $25 ?] or less will get the payments.
And good news is, more states are looking to do that. So we have North Carolina, New York and Kentucky either introducing a legislation or saying they plan to do that. So we're yet to see more states will start paying those initiatives without canceling the benefits.
ALEXIS CHRISTOFOROUS: All right, Denitsa Tsekova, thanks for the round-up.
