Employment Insurance Premium Rates 2024

Summary#

The Canada Employment Insurance Commission set the Employment Insurance premium rate for 2024 at $1.66 per $100 of insurable earnings. For residents of Quebec who are covered by the Quebec Parental Insurance Plan, a reduction of $0.34 applies, making the Quebec rate $1.32 per $100.

What it does#

• Announces the official Employment Insurance premium rate for 2024: $1.66 per $100 of insurable earnings.
• Announces the premium reduction for Quebec residents covered under the Quebec Parental Insurance Plan: $0.34, which results in a Quebec rate of $1.32 per $100.
• These notices were made under the Employment Insurance Act and the Employment Insurance Regulations.

Who's affected#

• Workers who pay Employment Insurance premiums.
• Employers and payroll departments who must withhold and remit EI premiums.
• Residents of Quebec who participate in the Quebec Parental Insurance Plan (they get the reduced rate).
• Payroll service providers and accountants who update payroll calculations.

Why it matters#

• It determines how much is taken from paycheques and how much employers must remit for EI in 2024.
• Even small changes in the rate affect take-home pay and total payroll costs across many workers.
• Quebec residents covered by the provincial parental plan will pay the lower, discounted rate.