Employment Insurance Act

Marginal note:Annual premium rate setting

• 66 (1) Subject to subsection (7) and section 66.32, the Commission shall set the premium rate for each year in order to generate just enough premium revenue to ensure that, at the end of the seven-year period that commences at the beginning 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:Premium rate for 2015 and 2016

  (1.1) Despite subsection (1), the premium rate for the years 2015 and 2016 is 1.88%.

• Marginal note:Application of sections 66.1 to 66.31

  (1.2) Sections 66.1 to 66.31 apply in the years 2014 and 2015 even though the premium rates for the years 2015 and 2016 are set under subsection (1.1).

• Marginal note:Factors

  (2) The Commission shall set the premium rate based on

  • (a) the information provided under sections 66.1 and 66.2;

  • (b) the actuary’s report provided under section 66.3 for that year;

  • (c) [Repealed, 2012, c. 19, s. 609]

  • (d) any regulations made under section 69;

  • (e) any changes, announced by the Minister on or before July 22 in a year, to payments to be made under paragraph 77(1)(a), (b) or (c) during the following year; and

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

• (3) [No subsection (3)]

• (4) to (6) [Repealed, 2012, c. 19, s. 609]

• Marginal note:Difference year to year

  (7) The premium rate may not be increased or decreased by more than five one-hundredths of one per cent (0.05%) from one year to the next.

• Marginal note:Exception

  (7.1) Despite subsection (7), the premium rate may be decreased by more than five one-hundredths of one per cent (0.05%) from 2016 to 2017.

• Marginal note:Governor in Council — maximum change in premium rate

  (8) On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may change the maximum percentage referred to in subsection (7) by which the premium rate may be increased or decreased from one year to the next, if the Governor in Council considers it to be in the public interest.

• Marginal note:Time limit

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