Statement by Minister of Employment, Workforce Development and Official Languages Randy Boissonnault regarding the 2024 EI premium rate

GATINEAU, QC, Sept. 14, 2023 /CNW/ - Today, the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages, issued the following statement on the Employment Insurance (EI) premium rate for 2024:

"Canadians have worked hard to help rebuild and grow our economy after the significant challenges brought on by the global pandemic.

This hard work has paid off. 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.

At the same time, Canada, like countries around the world, has faced economic headwinds. The world continues to adjust to a post-COVID-19 reality, and global inflation and reactions to it continue to slow the pace of economic growth. All this is happening while Canada's labour market continues growing.

Canada must be in the strongest position to support our workers. 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.

Our government will continue strengthening Canada's social safety net, including a resilient employment insurance program.

The Canada Employment Insurance Commission plays a critical role in Canada's employment insurance system and is responsible for setting the annual EI premium rate based on the seven-year break-even rate forecasted by the EI Senior Actuary. This work protects the functionality of one of the most important pieces of Canada's social safety net.

Today, the Commission has announced that the EI premium rate for 2024 will be $1.66 per $100 of insurable earnings—an increase of 3 cents from the current rate. This EI premium rate will be 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 Government of Canada will always support the long-term sustainability of employment insurance and ensure that the program continues to address the needs of employers, workers and their families."

SOURCE Employment and Social Development Canada