Employment Insurance - Important Notice about Maximum Insurable Earnings for 2008
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The maximum insurable earnings (MIE) is the income level up to which Employment Insurance (EI) premiums are paid. It determines the maximum rate of weekly benefits paid for all types of benefits under the EI program.
Effective January 1, 2008, the maximum insurable earnings will increase from $40,000 to $41,100. This means that an insured worker will pay EI premiums in 2008 on insured earnings up to $41,100.
In 2008, the employee EI premium rate will also be reduced from the 2007 rate of $1.80 to $1.73 per $100. This premium rate reduction, combined with the MIE increase, means that insured workers will pay a maximum annual EI premium in 2008 of $711.03 compared with $720 in 2007.
As a result of the increased MIE, beginning in January 2008, the maximum weekly EI benefit rate will increase from $423 to $435 per week. Claims established before December 30th, 2007, will not be affected by the 2008 MIE increase.
Insured workers will pay EI premiums on all earnings up to the annual maximum salary of $41,100. This means a deduction of $1.73 will be made for every $100 of salary until the $41,100 has been reached each year. For example, if an individual earns $52,000 a year, premiums are payable on the first $41,100.
The premium rate for workers in Quebec will be $1.39. This rate is lower than in the rest of Canada, because the Province of Quebec has been collecting premiums since January 2006 to administer its own maternity, parental, and paternity benefits under the Quebec Parental Insurance Plan.
Need more information?
- Call: toll free 1 800 206-7218 (TTY 1 800 529-3742)
- Visit: your nearest Service Canada Centre or call 1 800 O Canada (1 800 622-6232) (TTY 800 926-9105).