The federal government has updated its table of Federal employment insurance (EI) premium rates and maximums. Effective January 1, 2024, EI maximum insurable earnings will increase from $61,500 to $63,200. As a result, the maximum EI benefit will increase from $650 to $668 per week.
| EI Maximum | Current | New |
|---|---|---|
| Insurable earnings | $61,500 | $63,200 |
| Weekly benefit | $650 | $668 |
Effects on Short Term Disability (STD/WI) Plans
- STD/WI plans with a set maximum based on the EI maximum—not a specific dollar maximum—will reflect the increase automatically, starting January 1, 2024. Premiums will reflect the increase in the STD benefit amount payable. No contract amendment is necessary.
- If the plan is registered for the Employment Insurance Premium Reduction Program (PRP) and the plan’s maximum benefit is less than $668, plan sponsors may wish to consider increasing the STD maximum to $668, to remain eligible for the EI PRP.
Read more information from the Government of Canada here.