Mr. Chair, the employment insurance operating account reached a cumulative deficit of $9.2 billion in 2011 due to the impact of the global recession. Since then, it has been recording annual surpluses that will eventually eliminate the cumulative deficit, consistent with the principle of breaking even over time.
In September 2013, the government took steps to protect businesses from major increases in employment insurance premiums. We froze the rate at $1.88 for three years beginning in 2014.