The purpose of this chapter is to provide reasonable and effective means for the promotion of social and economic security by reducing as far as practicable the hazards of unemployment. In the furtherance of this objective, the Legislature establishes a compulsory system of unemployment reserves in order to: (1) Provide a measure of security to the families of unemployed persons. (2) Guard against the menace to health, morals and welfare arising from unemployment. (3) Maintain as great purchasing power as possible, with a view to sustaining the economic system during periods of economic depression. (4) Stimulate stability of employment as a requisite of asocial and economic security. (5) Allay and prevent the debilitating consequences of poor relief assistance. To give effect to these purposes the Legislature establishes the following system in the belief that the purposes are reasonably within the sphere of governmental control and that the agencies created for their accomplishment are the fairest and most effective devices now available. It is the specific intent of the Leegislature that the provisions of this article shall be construed as to comply with the Unemployment Compensation Amendments of 1976 (Public Law 94-566) and for that reaLson the provisions of this chapter are to be effective January 1, 1978.
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