Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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CEIC Announces EI Maximum Insurable Earnings Increases to $63,200 in 2024
Sep 15, 2023, 05:00
by
Tyler Lloyd
The Canada Employment Insurance Commission (CEIC) has announced
that the Employment Insurance (EI) Maximum Insurable Earnings (MIE) for
2024 will increase to $63,200 from $61,500 in 2023. The MIE is indexed
on an annual basis and represents the ceiling up to which EI premiums
are collected and the maximum amount considered in applications for EI
benefits.
The EI premium rate for 2024 is $1.66
per $100 of insurable earnings for employees and $2.32 for employers
who pay 1.4 times the employee rate. This represents a three-cent
increase from the 2023 EI premium rate of $1.63 for employees and $2.28
for employers.
CEIC also announced that for
residents of Quebec covered under the Quebec Parental Insurance Plan
(QPIP), the premium rate of $1.32 per $100 of insurable earnings ($1.85
for employers).
The Premium Reduction Program
will provide roughly $1.29 billion in premium relief in 2024 to
registered employers and their employees in recognition of savings
generated to the EI program by employer registered short-term wage-loss
plans.
Office of the Superintendent of Financial Institutions (OSFI) has released:
- 2024 Actuarial Report on Employment Insurance Premium Rate
- Highlights of the 2024 Actuarial Report