collecting unemployment??

You have to be actively looking for work to collect unemployment. Plus, anyone exiting 3 years of banking and is looking for charity is pretty pathetic...

I've had friends who have exploited the system and collected payments even though they were not actively looking for work.

Technically, I think you do have to be laid off/be told you cannot stay or something to that effect and also be actively looking for work.

Your situation is a grey area but if you're going to be out of work for only a few months, why do you even need to bother? Should have a lot saved up, it's not like you're a starving artist in between jobs.

If you do want to do this, you could probably get away with it given that unemployment claims are on the rise and they are likely paying less attention to who's filing.

But if you get caught, don't blame me. :)

im assuming this is a joke...

on the off (and very pathetic) chance that its not...
in ny state, there is a form that you will have to fill out showing that you are applying
to several jobs every week, requiring you to list where you have applied, if they took your
application, who you talked to, their contact info, and so on. lying would be a basis for
a fraud charge. furthermore, traveling out of state for a significant period of time would render you ineligible for benefits; so hopefully you plan on traveling to schnectady.

have fun.

thanks dosk, i figured it was a grey area. it's likely going to be more than a few months as i'll be in asia trying to work on some new business ideas there, so i think it's worth it. i really don't feel bad of taking advantage of the system if possible...it's quite inefficient to begin with (granted, from people like me).

and b2, i'm not sure why there has to be so much immaturity on this site. that's exactly the reason why i (and many other people i know qualified of giving good advice on here) don't post. i realize you have to be actively looking for employment, but i won't tell if you won't.

Why do i get the feeling b2 is talking to himself here?
Suit=b2??

"Oh - the ladies ever tell you that you look like a fucking optical illusion?"

xqtrack, thanks but that's not correct. you're supposed to keep a written record yourself in the event you are asked to show it, but it's unlikely this record is ever actually submitted to anybody.

and this is all done online anymore so you don't see or talk to anybody. i'll be actively looking for jobs in asia by the way so it's probably not as fraudulent as it sounds.

my friend recently got laid off from a hedge fund that blew up and has been living on the beach in australia on behalf of unemployment insurance until the markets improve. what a pathetic loser!

anyway, thanks everybody for the quick responses.

The system's not inefficient, because I can guarantee that you won't get a cent.

Keep thinking that you're better than the system though. Someday you might make it, buddy.

maybe you'll get a cent, maybe you won't. people cheat systems all the time. some get caught, most dont.

personally, i hope you get the money and then get called in for an interview while you're in beijing or wherever and end up in jail. your friend too.

best of luck.

He's paid his taxes which contribute to unemployment insurance (at least over here), I personally don't have any qualms with you doing it. Not when I presume your effective tax rate is as high as mine (41%).

I wouldn't do it, just for the hassle, and that I think someone else needs it more, and it's taking the piss a bit given you're going travelling, but hey, if you can get it, take it. No one will ever give you anything for free will they?

As LdnMezz pointed out, his taxes pay into unemployment insurance... so he's reclaiming money from the system that he contributed already.

Although it is a grey area and I *personally* wouldn't do it in this case, the reality is this is VERY low on the scale of "fradulent" things people do.

Example: I know someone who moved out of the US and survived for 2 YEARS on unemployment while traveling. She had her parents cash checks and take care of all the details.

Something like that is abusing the system much more so than what Suit is doing.

Many of my friends who have been laid off from banking in recent months have actually filed for unemployment as well, despite having a lot of money saved up and doing some traveling in between looking for work.

Bottom line, people always have questions that fall into grey areas like this... so let's try to answer these questions as truthfully as possible without ridicule.

For those in school who have not started working yet, you may not realize it now but if you work in finance or any other highly cyclical industry, chances are that you WILL be laid off at some point. It's just the nature of the beast. So questions on unemployment etc. are worth exploring.

How can someone collect on unemployment for 2 years?

I thought you could only receive payments for half of a year.

Not sure of the details offhand but I think each state sets their own rules and they can change from time to time (e.g. be relaxed if we're in or entering a recession).

to be clear, i don't have anything against anybody who is laid off, fired, hates their job and decides to quit to find something new, whatever (banker or not)--these are people whom i think have a full right to collect unemployment insurance. i don't think their savings really come into question.

i do have a problem with people committing fraud (and yes, thats what certifying that you are looking for employment and certifying that you are still in the state and eligible for UI amounts to). no, lying on a government document is not a "grey area".

maybe you think morally he has a right to do it because he's just getting money back he paid in; i personally don't. if he chose to stay in the area and look for jobs, i wouldn't have anything against it. but he's not.

and yes, i have a problem with people who raise my taxes with this kind of bullshit. but like i said, yeah, the probability that you get caught is small. then again, high paid people tend to think theyre invincible.

The "grey area" I was referring to was him leaving his job rather than being laid off or fired. States can interpret that different ways - sometimes you qualify, sometimes you don't and it's really up to them to decide. If it were just a normal job it would probably be more clear-cut but since it's banking and you're only "expected" to stay for 2-3 years, it's unclear if they would view this as being "without cause" or not - perhaps someone else could chime in if anyone knows.

And yes, as I said, I personally would not do this as filing while not officially looking for work is lying.

I sure never expected a string on WSO on unemployment. What kind of people are on this site now?

Anyways, I don't believe ANY state has more than a 6 month benefit period in any single calendar year.

Also, you will be capped based on how much your prior employer(s) have contributed. If you've only worked a handful of years, there's likely not enough paid into your unemployment benefits.

I think the story about the girl who lived off unemployment for two years is an urban myth.