In the state of Colorado, unemployment benefits are paid by the Colorado Department of Labor and Employment. Colorado unemployment benefits, also known as unemployment insurance provides temporary and partial wage relief and replacement to individuals who have been unemployed through no fault of their own, and have not been able to find a replacement job.
The money to fund the payment of Colorado unemployment benefits are funded by taxes that employers in the state are required to pay, as well as through funding provided by the federal government. The state law that authorizes the payment of Colorado unemployment benefits is the Colorado Employment Security Act.
The underlying purpose of the Colorado unemployment benefits program is to help maintain the economic and purchasing power of the community by assisting the most exposed members of the community, the unemployed worker. The thought that is by providing Colorado unemployment benefits to out of work individuals, safeguarding the income and purchasing power of the unemployed can help to preserve the standing of the community as a whole.
The administration of the Colorado unemployment benefits is left to the Division of Employment and Training, which is in turn a part of the Department of Labor and Employment. One of the major problems that the Division of Employment and Training is forced to confront is the issue of unemployment insurance benefit fraud.