Jobs and Growth Act, 2012 (S.C. 2012, c. 31)

432. Section 128 of the Act is amended by adding the following after subsection (1):

Division 22Canada Employment Insurance Financing Board

1996, c. 23Employment Insurance Act

Marginal note:2012, c. 19, s. 603(1)

• 433. (1) Paragraphs 4(2)(a) and (b) of the Employment Insurance Act are replaced by the following:

  • (a) the average for the 12-month period ending on March 31 in the preceding year of the Average Weekly Earnings for each month in that period

  by

  • (b) the ratio that the average for the 12-month period ending on March 31 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to March 31 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to March 31 of that preceding year.

• (2) Paragraphs 4(2)(a) and (b) of the Act are replaced by the following:

  • (a) the average for the 12-month period ending on April 30 in the preceding year of the Average Weekly Earnings for each month in that period

  by

  • (b) the ratio that the average for the 12-month period ending on April 30 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to April 30 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to April 30 of that preceding year.

• Marginal note:2012, c. 19, s. 603(2)

  (3) Subsection 4(3) of the Act is replaced by the following:

  • Marginal note:Subsequent years

    (3) For years subsequent to the year in which the maximum yearly insurable earnings exceeds $39,000, before rounding down under subsection (4), the maximum yearly insurable earnings is the maximum yearly insurable earnings for the preceding year, before rounding down under that subsection, multiplied by the ratio that the average for the 12-month period ending on March 31 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to March 31 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to March 31 of that preceding year.

• (4) Subsection 4(3) of the Act is replaced by the following:

  • Marginal note:Subsequent years

    (3) For years subsequent to the year in which the maximum yearly insurable earnings exceeds $39,000, before rounding down under subsection (4), the maximum yearly insurable earnings is the maximum yearly insurable earnings for the preceding year, before rounding down under that subsection, multiplied by the ratio that the average for the 12-month period ending on April 30 in that preceding year of the Average Weekly Earnings for each month in that 12-month period bears to the average for the 12-month period ending 12 months prior to April 30 of that preceding year of the Average Weekly Earnings for each month in that 12-month period ending 12 months prior to April 30 of that preceding year.

Marginal note:2008, c. 28, s. 125

• 434. (1) Section 65.21 of the Act is replaced by the following:

  Definition of “actuary”

  65.21 In this Part, “actuary” means the Fellow of the Canadian Institute of Actuaries whose services are engaged by the Commission under subsection 28(4) of the Department of Human Resources and Skills Development Act.

• (2) Section 65.21 of the Act is replaced by the following:

  Definition of “Board”

  65.21 In this Part, “Board” means the Canada Employment Insurance Financing Board established by subsection 3(1) of the Canada Employment Insurance Financing Board Act.

Marginal note:2012, c. 19, s. 609(1)

• 435. (1) Subsection 66(1) of the Act is replaced by the following:

  Marginal note:Annual premium rate setting

  • 66. (1) Subject to subsection (7), the Governor in Council shall, on the joint recommendation of the Minister and the Minister of Finance, set the premium rate for each year in order to generate just enough premium revenue during that year to ensure that at the end of that year the total of the amounts credited to the Employment Insurance Operating Account after December 31, 2008 is equal to the total of the amounts charged to that Account after that date.

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(1)

  (2) The portion of subsection 66(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Factors

    (2) The Governor in Council shall set the premium rate based on

• (3) The portion of subsection 66(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Factors

    (2) Subject to any regulations made under subsections 66.1(2) and 66.2(2), the Board shall set the premium rate based on

• Marginal note:2012, c. 19, s. 609(3)

  (4) Paragraph 66(2)(b) of the Act is repealed.

• (5) Subsection 66(2) of the Act is amended by adding the following after paragraph (a):

  • (b) the amount by which the Board’s financial assets exceed its financial liabilities;

• Marginal note:2008, c. 28, s. 127; 2010, c. 12, s. 2204(1)

  (6) Paragraph 66(2)(f) of the English version of the Act is replaced by the following:

  • (f) any other information that the Governor in Council considers relevant.

• (7) Paragraph 66(2)(f) of the English version of the Act is replaced by the following:

  • (f) any other information that the Board considers relevant.

• Marginal note:2012, c. 19, s. 609(7)

  (8) Subsection 66(9) of the Act is replaced by the following:

  • Marginal note:Time limit

    (9) On or before September 14 in a year, the Governor in Council shall set the premium rate for the following year.

• (9) Subsection 66(9) of the Act is replaced by the following:

  • Marginal note:Time limit

    (9) On or before September 14 in a year, the Board shall set the premium rate for the following year.