History
The idea of wage insurance has been tested as early as 1995 in Canada's Earnings Supplement Project. Robert Litan and Lori Kletzer proposed the idea for wage insurance in United States in a 2001 paper. The basic concept became the United States Department of Labor's Alternative Trade Adjustment Assistance for Older Workers (ATAA). The ATAA compliments the Trade Adjustment Assistance program, which does not offer a wage subsidy or wage insurance. The TAA focuses on retraining workers while the ATAA includes a wage subsidy for workers who are considered too old to undergo retraining. The ATAA program includes a wage subsidy for laid off workers over the age of 50 who held a job with wages less than $50,000 a year, and who start a new job within 26 weeks of being laid off. The program gives a wage subsidy of half the difference between the worker's old and new wages with a maximum subsidy of $10,000. The subsidy can last for up to two years.
Read more about this topic: Wage Insurance
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