Employment Insurance premiums are dropping this year
With the unemployment rate down two per cent over the last six years, Employment Insurance (EI) premiums will be dropping as well.
As of the start of 2020, rates will be down to $1.58 per $100 of insurable earnings—a decrease of four cents compared to 2019 rates, which were $1.62 per $100.
Additionally, this is a 30-cent decrease from 2016 rates, which were $1.88 per $100.
This means a worker earning 48,000 per year will pay $144 less in EI premiums than in 2015.
Further, employers paying 1.4 times employee rates will be paying $2.21 per $100—a six-cent drop.
The Maximum Insurable Earnings (MIE) for 2020 will also be increasing by $1,100 from $53,100 to $54,200.
As well, the maximum annual EI contribution for workers will decrease by $3.86 to $856.36.