EI Premiums to Rise Slightly in 2024 but Remain Lower Than 2013-2016 Rates

Canada's employment insurance (EI) premium rate to increase in 2024
Rate to increase by 3 cents to $1.66 per $100 of insurable earnings
Increase reflects continued strength in Canada's labour market
Rate is 22 cents lower than 2013-2016 rate of $1.88
Increase aims to ensure EI Operating Account balances over 7 year break-even horizon

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9/8/2023

Canadian Job Market Rebounds in August; Unemployment Holds at 5.5%, Wages Rise

The unemployment rate in Canada remained steady at 5.5% in August, while employment saw a net increase of 39,900 and average hourly wages rose by 4.9%. The Canadian dollar experienced a bearish reaction to the jobs report, with the USD/CAD pair losing 0.5% on the day.