Employment Insurance - Important notice about maximum insurable earnings for 2024

The maximum insurable earnings (MIE) is the income level up to which Employment Insurance (EI) premiums are paid. The MIE determines the maximum rate of weekly benefits paid for all types of benefits under the EI program.

Effective January 1, 2024:

• the maximum insurable earnings increases to $63,200, from $61,500
• the employee EI premium rate is $1.66 per $100
  • a payroll deduction of $1.66 is made for every $100 an employee is paid until the MIE is reached for 2024

For example, if an employee earns $75,000 per year, premiums must be paid only on the first $63,200

• the employee will pay a maximum annual EI premium of $1,049.12, compared with $1,002.45 in 2023

For claims beginning on or after December 31, 2023:

• the maximum weekly EI benefit rate increases to $668 per week (from $650)
• the maximum weekly benefit rate for extended parental benefits increases to $401 (from $390)

For workers in Quebec:

The premium rate will be $1.32. This rate is lower than in the rest of Canada because Quebec has been collecting premiums since January 2006 to administer its own maternity, parental, and paternity benefits under the Quebec Parental Insurance Plan.