Canada’s Employment Insurance Premiums to Stay Untouched

Jim Flaherty, Canada’s finance minister, has revealed last Monday that all employment insurance costs for both employers and employees will remain as is beginning next year. It looks like the federal government has decided to cancel its plans on increasing insurance premiums. What makes it even more interesting is for the EI premiums to be frozen for three years.

Flaherty added that this decision will give more money to the workers and employers of the Canadian industry by 2014. Their decision was made possible because of the government’s desires of providing employees and small business owners with the flexibility and certainty of continuing a positive growth.

In line with this announcement, the current employment insurance (EI) premium at $1.88 per $100 insurable earnings will stay the same from 2014 to 2016. Jim Flaherty pointed out that there will also be no ‘fiscal impact’ on the budget goal for 2015 because EI accounts stand by itself; hence, not affecting Canada’s budget for the upcoming three years.

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