In this post we provide a quick synopsis of EI maximums and premium rates for 2021.
The federal government has announced changes to EI maximums and premium rates for 2021. These changes apply to regular EI benefits, not to special benefits related to COVID 19.
Maximum insurable earnings: $56,300
Premium rate per $100 of Insurance Earnings:
Employee $1.58
Employer contribution is equal to 1.4 times the employee premium
Maximum Annual contribution:
Employee $889.54
Employer $1,245.36
Maximum EI Weekly Benefit Payable to Claimants: $595
Plan sponsors who have an elimination period longer than seven days will no longer qualify for the EI premium reduction program.
Reminder: the four-year transitional period to comply with the EI elimination period to seven days that went into effective January 2, 2017, is ending on January 2, 2021. Plan sponsors who don’t have a 7-day elimination period longer than seven days will no longer qualify for the EI premium reduction program.
Let us know if you have any questions!