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Friday, December 8, 2023 - 09:58

Federal Government Updates EI Maximum Insurable Earnings

Federal Government Updates EI Maximum Insurable Earnings

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.