EI premiums set to rise by $1.4 billion despite Freeland's promise of 'holding steady'
A briefing note reveals Minister Freeland was aware of the inevitable need for higher premiums weeks before she assured they would remain unchanged.
Employment Insurance (EI) premiums are set to rise by $1.4 billion dollars, contradicting an earlier promise by Finance Minister Chrystia Freeland that rates would be "holding steady."
According to Blacklock's Reporter, in her March 28 budget, Freeland pledged to put "more money in Canadians' pockets after a hard day's work" and expressed concern for those affected by rising prices and the desire for inflation to decrease.
“We all know our most vulnerable friends and neighbours are still feeling the bite of higher prices,” Freeland said. “What all Canadians want right now is for inflation to keep coming down,” she added.
Rebel News reporters @LincolnMJay and @ThevoiceAlexa were on scene to ask high-profile politicians about their hypocrisy in taking private jets and SUVs to attend the Global Progress Action Summit.https://t.co/qNMoVzeiN9
— Rebel News (@RebelNewsOnline) September 17, 2023
However, the Employment Insurance Commission on Friday announced a premium increase to $30.1 billion in 2024. This represents a rise from $1.63 per $100 of wages for employees to $1.66. The pre-pandemic rate was $1.58. Employers will see premiums rise to a maximum of $1,469 per worker.
The hike is necessary to address an $18.8 billion pandemic deficit in the Employment Insurance fund, the notice from the Commission stated.
“The rate is set in order to generate just enough premium revenue to cover Employment Insurance expenses over the next seven years and eliminate any cumulative surplus or deficit in the Employment Insurance operating account,” read the notice.
WATCH: @EzraLevant looks at recent remarks from Deputy PM and Finance Minister Chrystia Freeland and why he thinks Freeland is a wicked liar.
— Rebel News Québec (@RebelNews_QC) August 4, 2023
Visit Rebel News for more on this story: https://t.co/Wg753Fkl3L pic.twitter.com/ot0fiDTf37
Ironically, Minister Freeland's budget document, titled A Made In Canada Plan, had asserted that "continued strength in the labour market" would boost Employment Insurance revenues without requiring premium increases.
Budget documents even included a table indicating that rates would be "holding steady at $1.63" for years to come, through 2030. A briefing note from the Department of Employment published by Blacklock's, however, revealed that Freeland was aware of the inevitable need for higher premiums weeks before she assured they would remain unchanged.
Freeland told the POEC lawyers that optics were her main reason for the crackdown of the Freedom Convoy, not an unmanageable national security crisis as the Liberals have previously claimed.
— Rebel News (@RebelNewsOnline) March 9, 2023
Visit Rebel News for more on this story by @SheilaGunnReid: https://t.co/5O1n466j07 pic.twitter.com/pNuGgaD5se
“Premium rates are expected to continue to increase in 2024 to reach a break even rate that will pay down the costs of the current cumulative deficit in the Employment Insurance Operating Account,” said a briefing prepared for Freeland. “Costs stemming from Covid-19 temporary measures total approximately $23.2 billion.”
Dated February 7, the prediction of inevitable rate hikes was written seven weeks before Freeland promised rates would remain where they were.
Premiums had been frozen for employers and workers for two years as part of COVID-19 relief measures, but were raised last September 24 from $1.58 per hundred dollars of insurable earnings to $1.63.
Don't Get Censored
Big Tech is censoring us. Sign up so we can always stay in touch.