Mr. Benoit Cadieux (Director, Policy Analysis and Initiatives, Skills and Employment Branch, Department of Employment and Social Development) at the Finance Committee

On May 2nd, 2023. See this statement in context.

May 2nd, 2023 / 11:25 a.m.

Benoit Cadieux Director, Policy Analysis and Initiatives, Skills and Employment Branch, Department of Employment and Social Development

Yes, you are correct.

Crediting the EI operating account to absorb the pandemic-related expenditures would require legislation.

I also want to mention that the premium rate is $1.63. The EI chief actuary's latest forecast puts the seven-year break-even rate at $1.73. That forecast will be repeated this summer, and a new report will be released in September. That will give us a better estimate of the premium rate for 2024 and the rate required to balance the operating account.

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