Thank you, Mr. Chair.
Thank you to the witnesses for being with us today. I found your opening remarks very interesting.
I have a few questions for you, Mr. Corak. I reviewed you letter to Minister Qualtrough from October 19, 2020, and I found your idea about the EI special benefits account very interesting. You touched on it a little bit in your opening remarks. I have a few questions and I am hoping you can expand on it.
My understanding from your note is that it would be similar to how individual EI premiums would be allocated to their own account, much in the same way as the Canadian pension plan, really financed on their work history. You mentioned that everyone would be free to use their account to support a period of time away from work—whenever, for whatever reason and for whatever length—subject to the balance in their account. I'm wondering how you feel this would work in another pandemic, if you feel that this would be helpful.
My point is that one of the problems with the EI account now is the people who didn't work enough to pay into it. Would we see a similar problem with your proposal, or am I missing something?