Government of Canada

Government of Canada

October 12, 2007 14:43 ET

Employment Insurance Commission Releases Chief Actuary's Report

OTTAWA, ONTARIO--(Marketwire - Oct. 12, 2007) - The Canada Employment Insurance Commission today released the Report of the Chief Actuary to the Employment Insurance Commission on the EI Premium Rate and Maximum Insurable Earnings. The report will be considered by the EI Commission in its determination of the Employment Insurance (EI) premium rate for 2008. The Report is available on Human Resources and Social Development Canada's Web site at www.hrsdc.gc.ca.

Under the premium rate-setting process, the Chief Actuary for Human Resources and Social Development Canada (HRSDC) is required to annually calculate, on a forward-looking basis, the estimated break-even rate for the coming year based on the most current forecast values of the relevant economic variables provided by the Minister of Finance. To ensure premium rate stability and limit any negative impact on the business cycle, the maximum yearly change in the employee premium rate is limited to 15 cents (this equates to a maximum shift of the employer premium of 21 cents). The Chief Actuary is required to provide a public report of the "break-even" rate to the EI Commission by no later than October 14 of each year.

The EI Commission will soon begin the formal process of setting the EI premium rate for 2008. In doing so, the EI Commission will take into account the Chief Actuary's report, the principle that the premium rate should generate just enough revenue to cover the expected payments to be made during 2008 and any public input. A decision on the rate will be taken by the EI Commission on or before November 14, 2007.


Click here to access full report

http://www.hrsdc.gc.ca/en/employment/ei/premium_rate/2008/index.shtml

Contact Information

  • Human Resources and Social Development Canada
    Media Relations Office
    819-994-5559