2024 Employment Insurance Premium Rates

Summary#

The Canada Employment Insurance Commission set the Employment Insurance Act premium rate for 2024 at $1.66 per $100 of insurable earnings. It also set a $0.34 reduction for residents of Quebec covered by the Quebec Parental Insurance Plan, so their rate will be $1.32 per $100.

What it does#

• Announces the basic Employment Insurance premium rate for 2024: $1.66 per $100 of insurable earnings.
• Announces the premium reduction for Quebec residents covered by the Quebec Parental Insurance Plan: $0.34, making their rate $1.32 per $100.

Who's affected#

• People who pay Employment Insurance premiums (for example, employees and the employers who handle payroll).
• Residents of Quebec who are covered by the Quebec Parental Insurance Plan — they get the reduced rate.
• Payroll and accounting staff who set up deductions and employer contributions.

Why it matters#

• The rate determines how much is taken from paycheques for Employment Insurance in 2024. For example, on $1,000 of insurable earnings, $16.60 would be collected at $1.66 per $100 (or $13.20 at $1.32 per $100 for qualifying Quebec residents).
• It affects take-home pay and employer payroll costs, and it tells businesses and payroll systems what to apply next year.