Statement on Employment Insurance Rate Change for 2018 by the Minister of Finance and the Minister of Families, Children and Social Development
September 14, 2017 – Gatineau, Quebec – Government of Canada
"The Government of Canada is committed to ensuring that Employment Insurance (EI) contributions are used only to fund EI programs, to support the long-term sustainability of the program. Today's release of the Actuarial Report on the EI Premium Rate by the Chief Actuary confirms that the EI Operating Account is on track to balance over the course of its mandated seven-year break-even horizon.
The new rate, set by the Canada Employment Insurance Commission, will be $1.66 per $100 of insurable earnings. This represents a 22-cent reduction from the 2016 rate.
The new rate for 2018 will be lower than the projected rate of $1.68 per $100 of insurable earnings included in Budget 2017. This is a clear reflection of the strength of the economy, and a sign that the Government's plan to grow the economy, create jobs and strengthen the middle class is working. More Canadians are working and paying into the EI program, and fewer are unemployed and drawing EI benefits.
New investments in the EI program announced in Budget 2017 will extend the parental benefit period up to 18 months to provide more flexibility for working parents, expand EI benefits to incorporate a new caregiver benefit for critically ill adults, broaden eligibility for EI-funded skills training programs and employment support, and make additional investments to provide Canadians more opportunities to upgrade their skills, gain experience or get help to start their own business. The 2017 and 2018 rates will be the lowest EI premium rates since 1982."
– The Honourable Bill Morneau, Minister of Finance
– The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
Office of the Honourable Jean-Yves Duclos, P.C., M.P.
Minister of Families, Children and Social Development