Office of the Superintendent of Financial Institutions
In accordance with the Employment Insurance Act, the 2021 Actuarial Report on the Employment Insurance Premium Rate was submitted to the Canada Employment Insurance Commission (CEIC) on 21 August 2020. The estimates presented in the report were based on the Employment Insurance provisions as of 22 July 2020. They also took into account additional information received from Employment and Social Development Canada (ESDC) on 6 August 2020, including upcoming temporary measures. However, the estimates did not incorporate the following announcements:
The CEIC asked the Actuary to evaluate the impact of these announcements on the results presented in the 2021 Actuarial Report. Here is a description of the impacts, followed by a summary of the results:
The table below shows a summary of the projected EIOA balances for 2020 and 2021 (based on a premium rate freeze for 2021 at the same level as 2020, i.e. 1.58%, as announced by the Government), taking into account the above-mentioned changes.
Return to table footnote* Negligible difference with the amount shown in the 2021 Actuarial Report due to a slight increase in the bad debt expense.