EI premiums to be reduced in 2002

Maximum per-employee contribution drops by $28
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|hrreporter.com|Last Updated: 04/09/2003

The federal government will reduce employment insurance premiums by seven cents to $3.08 for each $100 of insurable earnings, in 2002. The most any employer will pay for an employee will drop $28, to $1,201 from $1,229.

Contributions are geared to income but max out when an employee’s salary reaches $39,000.

For employees, premiums will be reduced by a nickel. That will save each employee about $20 a year. The EI rate will drop to $2.20 for each $100 of insurable earnings beginning Jan. 1. The maximum contribution an employee will make next year drops to $858 from $878.