In 5 Days: Oregon Projected Unemployment Insurance Payments Will Drop by 79%/$259 Million Per Month.

Last Friday I did a post pointing out that the projected number of Oregon recipients of unemployment insurance will drop by a historic 66%/81,000 from 121,000 to 40,000. This will occur because pandemic unemployment insurance programs PUA and PEUC are ending on September 4th. 

September 4 also means that the $300 FPUC supplement for all UI recipients is also ending even for the projected 40,000 recipients of regular unemployment insurance after September 4th. 

The Projected Oregon Financial Loss is 79%/$259 Million a Month in Unemployment Insurance Benefits.  

The table below shows the math for this projection. 

NOTES: 

1. An income loss of $259 million monthly=$3.11 billion annually. 
2. The 81,000 UI recipients projected to lose unemployment insurance benefits would ALL need to be reemployed AND earn an average annual salary of $38,395 to make up a $259 million monthly income loss ($259 M/81,000*12= $38,395). [The required weekly wage would be $738, and hourly, $18.46]. 
3. The most recent $389 Oregon regular UI average weekly benefit is equivalent to an annual income of $20,228 or $9.73 an hour for a full time employee. 
4. Not shown in the table, the $59+million reduction in weekly UI benefits (from $75+ million to $15+ million) is a 79% drop vs. the 66% /81,000 drop in the number of recipients. 

Originally created and posted on the Oregon Housing Blog.