Employment Insurance (EI) Premium Increases for 2024

The Government of Canada announced (view the announcement) that the Employment Insurance (EI) premium rate for 2024 will increase three cents per $100 of insurable earnings for both employers (from $2.28 to $2.32) and employees (from $1.63 to $1.66).

Maximum insurable earnings for 2024 will also increase to $63,200 from $61,500, meaning the maximum annual EI contribution for employers per employee will increase $65.34 to $1,468.77 (for employees, this will increase by $46.67 to $1,049.12).

Read the letter from the EI Commissioner for Employers to Hon. Randy Boissonnault, Minister of Workforce Development and Official Languages, expressing specific concerns regarding the impact these cost increases will have on employers. Increasing premiums to return the EI operating account to balance would break the federal government's commitment to pay back the current account deficit through general revenues.

For more information on Employment Insurance in Canada, visit www.canada.ca/en/services/benefits/ei