employment insurance canada

Canada to increase Employment Insurance rate next year

Canada's employment insurance (EI) premium rate is set to increase in 2024.

In an announcement on Friday, Minister of Employment Randy Boissonnault said the government would continue strengthening the country's social safety net, including a "resilient" EI program.

He said employment has seen significant growth since the throes of the pandemic.

"Today, 983,000 more Canadians are working than when the pandemic hit, and Canada had the strongest economic growth in the G7 over the course of 2022," stated Boissonnault.

At the same time, the minister says Canada faces economic headwinds like global inflation, all while its labour market continues to grow.

"Canada must be in the strongest position to support our workers," he said.

"This is why the government is making significant investments in Canada's workforce development, preparing for future needs, and investing in the next generation with skills advancement and job training."

With this in mind, the Canada Employment Insurance Commission — responsible for setting the annual EI premium rate — has announced that the rate for 2024 will be $1.66 per $100 of insurable earnings.

Boissonnault says that's an increase of three cents from the current rate and is 22 cents lower than it was between 2013 and 2016 ($1.88).

"This reflects the continued strength in Canada's labour market and is in keeping with the government's work to ensure that the EI Operating Account is on track to balance over the course of its mandated seven-year break-even horizon."

The annual EI premium rate is based on the seven-year break-even rate forecasted by the EI Senior Actuary.

Lead photo by


Latest Videos

Latest Videos

Join the conversation Load comments

Latest in City

Traffic in Liberty Village is so bad and it's only getting worse

Ex-employees crushed by Global News layoffs and 'Corus's vandalism'

Here's where you can get free sunscreen in Toronto this summer

Toronto fails to make any of the best cities lists in prestigious new ranking

Another Bank of Canada rate cut is expected next week and here's how it could affect you

Canadians should check their bank accounts for larger Canada Child Benefit payments

These Canadian banks have been affected by the global IT outage

New report says Canadian carbon tax did not cause hike in gas prices or inflation