Buzzword: Wage insurance

Marketplace Staff Mar 2, 2007

Making lemonade out of lemons brings us this week’s Marketplace Money buzzword: wage insurance.

Wage insurance is a federal program that kicks in after you lose your job. If you take another gig for less pay, there’s no need to be bitter. Wage insurance pays half the difference between your old and new salary. Up to $10,000 over two years.

Sweet! Right now, only workers over 50 qualify for wage insurance. But this week, New York Senator Chuck Schumer proposed lowering the eligible age. Which would leave some unemployed youngins a lot less . . . sour.

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