moved for leave to introduce Bill C-395, an act to amend the Employment Insurance Act (setting premium rate to control surplus in Employment Insurance Account).
Mr. Speaker, I am happy to introduce my private member's bill to amend the Employment Insurance Act to control surplus in the employment insurance account.
The amendments in this bill would require the commission to set a premium rate each year that would keep the surplus of the EI account between established upper and lower limits resulting from appropriate premium rate setting.
The facts are now well known. The accumulated surplus of the EI account increased to $40 billion as of March 31, 2002; $25 billion over the chief actuary of HRDC's recommendation of $15 billion to operate the program. The $4 billion EI surplus gained in 2001-02 constitutes nearly half the federal surplus of that year.
I understand through the media that the Minister of Finance is making some determination to change this in his budget. I truly hope this is the case and that my bill may be of assistance to him in that regard.
(Motions deemed adopted, bill read the first time and printed)