On Thursday, Jim Flaherty, Canada’s Minister of Finance, announced that our Conservative Government will take action to limit future increases to Employment Insurance (EI) premiums.
Canadians across the country are seeing signs of relief as Canada’s economic recovery moves forward. However, despite this good news, the recovery remains fragile. To help maintain its momentum, our Government will reduce the recommended EI rate increase by two-thirds.
At a time when families are struggling to make ends meet, every dollar counts. Our action could mean almost $75 extra in the budget of an average Canadian family next year. In fact, Canada-wide, it will amount to $1.2 billion back in the pockets of workers and job-creators.
Conservatives understand that Canadians don’t want to see rapid increases in premiums. That’s why our Government will consult with Canadians about ways to build on improvements we have already made to the EI system.
We are listening and acting on the concerns of families in Canada by limiting EI premiums to protect jobs in this time of fragile recovery. These limits strike the necessary balance between supporting our economic recovery and helping ensure that the EI program breaks even over time.
Our Conservative Government knows that for recovery to continue, taxes must remain low. Today’s announcement is another example of our commitment to reducing the tax burden on workers and employers in Canada.