Mr. Michael Duffy (Director, Legislative Policy Analysis, Employment Insurance Policy, Skills and Employment Branch, Department of Human Resources and Skills Development) at the Finance Committee

Thank you, Mr. Chair.

Division 1 will amend the Employment Insurance Act to set the rate for employment insurance premium rates for 2015 and 2016 at $1.88 for every $100 of insurable earnings. That's effectively the freeze announced by the government on September 9, 2013. It will also establish that the premium rate for 2017 and onward will be set based on a seven-year break-even rate mechanism. It will repeal the Canada Employment Insurance Financing Board Act and related provisions to that act, and the permanent dissolution of the CEIFB. It will also put in place a mechanism to ensure that for 2017 and beyond, the EI premium rate will be set by the Employment Insurance Commission.