For Immediate Release
March 13, 2003
Jobs and Economic Growth Fact of the Day
The amount of money that 1.2 million Americans could receive
in the form of a Personal Reemployment Account under
the Presidents jobs and economic growth plan.
Secretary of Labor Elaine Chao testified to the House Ways &
Means Committee about the Personal Reemployment Accounts
included in the Presidents jobs and economic growth plan. The
Presidents plan is designed to help the unemployed workers on
two fronts, providing both short-term benefits and long-term
opportunity to millions of Americans.
The Presidents jobs and economic growth plan proposes new, more flexible Personal Reemployment Accounts to help unemployed
workers find work in the long-term. The new accounts would help
people find a job by giving them up to $3,000 -- which could be
used for job training, child care, transportation, or even to
cover the costs of relocating to another city for a new
career. If the job is obtained within 13 weeks, the worker
would be able to keep any funds remaining in the account.
Because recipients can keep the balance of their accounts when
they become reemployed and stay employed, the accounts create
an incentive to get back to work quickly. The more quickly a
job is obtained, the larger the reemployment bonus will be.
Personal Reemployment Accounts are a flexible new approach to
giving the unemployed more control over their access to training and
services and help them make a quick return to work. States will have
considerable flexibility in designing their account program. Under the
Presidents plan, these accounts would be available to at least 1.2
Return to this article at: