Question Period Note: PUBLIC ACCOUNTS OF CANADA 2024 FOR EMPLOYMENT AND SOCIAL DEVELOPMENT CANADA

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About

Reference number:
PA20232024_001_20260106
Date received:
Sep 12, 2024
Organization:
Employment and Social Development Canada
Name of Minister:
Hajdu, Patty (Hon.)
Title of Minister:
Minister of Jobs and Families

Issue/Question:

What was the 2024 Employment Insurance (EI)
premium rate and the status of the EI Operating Account?

Suggested Response:

The EI premium rate for workers in 2024 was set at $1.66 per $100 of insurable
earnings for workers, $2.32 for employers.
 This was three cents higher than in 2023 for workers and four cents for
employers.
 The accumulated deficit of the EI Operating Account was $20.9B on December
31, 2023

Background:

Premium Rates
On September 14, 2023, the Canada Employment Insurance Commission set the 2024
premium rate at $1.66 per $100 of insurable earnings. The employer rate was $2.32, or 1.4
times the employee rate.
EI premium rates are lower for Quebec residents because the province administers its own
parental insurance plan, known as the Quebec Parental Insurance Plan. The premium rate for
Quebec residents was $1.32 in 2023 per $100 of insurable earnings. The Quebec employer rate
was $1.85, or 1.4 times the Quebec employee rate.
Premium rates for 2024 came into effect on January 1, 2024.
Premiums Payable
Maximum Insurable Earnings (MIE) for 2024 was set at $63,200, an increase of $1,700 from the
2023 MIE. As a result of the MIE and premium rates, the maximum 2024 premiums paid by
workers outside of Quebec were $1,049.12 (an increase of $46.67 from 2023) and $1,468.77.
for employers per employee (an increase of $65.34 from 2023).
In Quebec, the maximum 2024 premiums paid by workers were $834.24 (an increase of $53.19.
from 2023) and $1,167.94 for employers per employee (an increase of $74.47 from 2023).
2024 Actuarial Report
The EI Senior Actuary submitted the 2024 Actuarial Report on the Employment Insurance
Premium Rate to the Commission on August 22, 2023. The Report indicated the 7-year break?even premium rate would be 1.66%.
EI Operating Account
The 2025 Actuarial Report indicates that the cumulative deficit of the EI Operating Account on
December 31, 2023, projected to be $20.2B in the 2024 Actuarial Report, has been revised up
to $20.9B.

Additional Information:

None