Each year, millions of workers are displaced due to technological advancements, international competition, offshoring, and regulatory changes. These shifts can devastate workers, particularly those with specialized skills and long tenures. An innovative social policy—wage insurance—shows significant promise in mitigating the adverse effects of job loss, in ways traditional unemployment insurance cannot, finds a new working paper from UC Berkeley’s Goldman School of Public Policy, Carnegie Mellon University’s Heinz College of Information Systems and Public Policy, and the Federal Reserve Bank of New York.
Wage insurance: A promising policy for displaced workers
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