Statement on Employment Insurance Rate Change for 2017 by the Minister of Finance and the Minister of Families, Children and Social Development
“The Government of Canada is committed to ensuring that middle class Canadians and those working hard to join the middle class receive the support they need as they work hard to build a better life for themselves and their families. The Employment Insurance (EI) program provides Canadians with that much-needed support when they lose their jobs through no fault of their own, leave work to raise children or care for an ailing loved one. It also provides training and employment programs to help Canadians when they need to upgrade their skills. Among other things, in Budget 2016 our government strengthened the EI program by expanding access for new entrants and re-entrants to the labour market, reducing the waiting period from two weeks to one week, effective January 1, 2017, and making improvements to service delivery so that Canadians get their benefits as quickly as possible.
“Today’s release of the Actuarial Report on the Employment Insurance Premium Rate by the Chief Actuary at the Office of the Superintendent of Financial Institutions confirms that the EI account is on track to balance over the course of its mandated 7-year break-even horizon with a decrease in the premium rate in 2017. The new rate will be set at $1.63 per $100 of insurable earnings, dropping from the current rate of $1.88 per $100 of insurable earnings in 2016. The reduction in the premium rate announced today will mean up to $118 in payroll savings for Canadian workers. The Government continues to ensure that EI contributions are only used to fund EI programs, which will support the long-term sustainability of the program.”
– Bill Morneau, Minister of Finance
– Jean-Yves Duclos, Minister of Families, Children and Social Development
Office of the Minister of Finance
Department of Finance Canada
Director of Communications
Office of the Hon. Jean-Yves Duclos, P.C., M.P.
Minister of Families, Children and Social Development
Media Relations Office
Employment and Social Development Canada