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Is Employment Insurance Benefits Increasing?

I would like to thank Nagatoshi Shimamura for this image.

Welcome to 2021…  I hope that everyone was able to spend time with at least a couple of your Family and/or Friends over the holidays.

With the start of a new year there are a lot of changes that come with it.  I will start with Employment Insurance (EI).

Increase in EI Maximum Insurable Earnings and Weekly Benefit

The federal government has updated Employment Insurance (EI) rates and maximums:

  • Maximum insurance earnings: $56,300
  • Maximum weekly EI benefit: $595

These new rates have taken  effect January 1, 2021.  This increase affects plans with Short-Term Disability benefit (STD) where:

  • The maximum STD benefit reflects the EI maximum weekly benefit or
  • The EI maximum earnings amount is used to work out the STD benefit amount

Come January, the STD payment we make will reflect the 2021 EI update.

If you are looking for a Broker who stays informed, contact Glendinning Insurance Services.  You can  call us with any questions (250) 764-7796, we are happy to help.

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