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Three mac and cheeses were sampled at the press conference: Heartburn City, Mind Your Carrots & Peas and Lactose Overload. Photo by David Tuan BUi.
RE: Potential 2024 Increase in EI Premiums
Dear Ministers,
I’m writing to express our concern about the potential 2024 increase in EI Premiums. EI is a critical program delivered by the federal government. It supports the livelihoods of Canadians and communities during periods of lost income. Temporary program changes in response to the COVID-19 pandemic created a significant deficit that according to the 2023 Actuarial Report on the Employment Insurance Premium Rate led the EI Operating Account to a projected cumulative deficit of $25.2 billion by the end of 2023.
Employers understand that EI is an important temporary job-loss protection program and want to ensure it is effective in supporting their employees during periods of transition. However, increases to EI premiums are effectively a tax on employers who pay a disproportionate amount into the program. Increases to EI premiums must take into account the economic challenges faced by businesses in Canada today, and into the future.
High interest rates, inflation and increased labour costs are making it difficult for small and medium-sized businesses to keep their heads above water. Due to continued strength of the labour market, Budget 2023 stated that the EI Premium Rate would hold steady at $1.63 per $100 of insurable earnings in 2024-2025. We understand EI premiums are being reviewed, and our view is that any increases would be ill-timed and unsustainable at a period when most businesses are struggling to resume normal business operations. It is not fair for employers and employees to pay off the deficit incurred through temporary program changes through increased premiums. Consequently, EI premium rates should be maintained at current levels.
The Canadian Chamber of Commerce represent businesses of all sizes in all sectors and regions of the country, and we would like to emphasize that any proposed changes to EI must balance the need to
support workers while ensuring the program is financially sustainable and promotes a return to the labour force.
Sincerely,
Diana Palmerin-Velasco
Senior Director, Future of Work
Canadian Chamber of Commerce
File Photo.
“With mixed emotions the Board of the Peterborough Agricultural Society would like to inform the public that Peterborough City Council have given notice that they have invoked the buyout clause within the Morrow Park Agreement, asking the Society to move from our long term home at Morrow Park. This is so they can proceed to develop this historical area.
As the directors of the Society, we wish the City and its citizens best of luck with the development of their said lands. We also wish to express our extreme gratitude to the many volunteers and families who have faithfully put countless hours of time and ef ort into this major annual event over the past 180 years. It is our intent at this time to go forward as the Peterborough Agricultural Society and to look for a new home and start a new beginning. Our hopes are to form strong partnerships within the county of Peterborough and continue to promote agricultural education to the general public. Rest assured we are still here. We have a strong board of directors who are dedicated to the task of rebuilding this once strong institution. Please expect that there will be new things to come and opportunities for you, the public, to help.”
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