Hikes to employee and employers EI premiums to pay for deficit from pandemic
The Surrey Board of Trade is calling on the federal government to reject a hike proposed for employment insurance premiums in 2024.
The hike represents a three cent increase over the current rates of $1.63 per $100 of insurable earnings for employees and a four-cent increase for the employers’ current rate of $2.28 per $100 of insurable earnings. The commission is responsible for setting EI premiums to ensure a seven-year break-even rate. So many Canadians were laid off during the pandemic that EI payouts soared, creating a major deficit of $18.8 billion. Its unfair to ask businesses to make up that deficit, the board of trade argues, saying the EI account deficit should be covered through general taxation.
“The federal cabinet has the right and authority to override the recommendations of the commission by September 30, 2023,” said Surrey Board of Trade CEO Anita Huberman.
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