Highlights of the 2024 Employment Insurance Premium Rate Actuarial Report

Report type
Employment Insurance

Message from the Actuary

  • The 7-year forecast break-even rate decreases from 1.74% in 2023 to 1.66% in 2024.
  • The premium rate for 2024 is expected to be set at 1.66%. It represents an increase of 0.03%, from a premium rate of 1.63% in 2023.
  • The Premium Reduction Program for employers who sponsor qualified wage-loss plans is expected to reduce employer contributions to EI by $1.3 billion in 2024.

Quick facts (2024)

Refer to Quick facts text description below.
Quick facts (2024) - text description
  • Maximum insurable earnings - $63,200
  • 7-Year forecast break-even rate - 1.66%
  • Reduction for provincial plans (Québec) - 0.34%
  • Employer multiplier - 1.4
Qualified wage-loss plans: Premium reduction / multiplier
Category Canada
(excl. Québec)		 Québec
Category 1 0.23% / 1.263 0.23% / 1.228
Category 2 0.37% / 1.175 0.37% / 1.116
Category 3 0.37% / 1.177 0.37% / 1.119
Category 4 0.41% / 1.155 0.41% / 1.092
 

Recent program changes

Refer to Recent program changes text description below.
Recent program changes - text description

Temporary

  • Extension of the current temporary seasonal worker measure for a year (until October 2024).
  • Additional funding for the Labour Market Development Agreements for the fiscal year 2023-2024.

Reconciliation of the 7-Year forecast break-even rate

Refer to Reconciliation of the 7-Year forecast break-even rate text description below.
Reconciliation of the 7-Year forecast break-even rate - text description
  • 1.74 - 2023 Actuarial Report
  • -0.02 - EI Operating Account as at 31 December 2022
  • 0.01 - Change in unemployment rate assumptions
  • -0.02 - Changes in earnings base
  • -0.03 - Changes in expenditures
  • -0.00 - Updated cost for program changes
  • -0.02 - Change in 7-year period
  • 1.66 - 2024 Actuarial Report
         

Expenditures for 2023-2030

Refer to Expenditures for 2023-2030 text description below.
Expenditures for 2023-2030 - text description
  • Net Premium Revenues -> $29B in 2023 -> $231B between 2024 and 2030
  • Expenditures -> $24B in 2023 -> $211B between 2024 and 2030
  • Surplus (Deficit) as at 31 December 2023 -> ($20B)
Part I Expenditures for 2024-2030
Work-Sharing 0.1%
Caregiving 0.8%
Training 1.0%
Fishing 1.7%
Sickness 13.0%
Maternity and Parental 21.9%
Regular 61.6%
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