Ottawa rebuked, again, for massive EI surplusBy Jerry Langton12/20/2004|Canadian HR Reporter|Last Updated: 12/20/2004 Canada’s Employment Insurance program may have generated another $2 billion surplus in 2003, but Canadians shouldn’t expect the federal government to spend more on human resources initiatives soon — the money will be used for other things. The government’s own financial watchdog, auditor general Sheila Fraser, has declared the surplus to be in violation of the Employment Insurance Act of 1996. In her annual report last month, Fraser noted that the current accumulated surplus of $46 billion is more than three times the $15 billion maximum advised by the Chief Actuary of Human Resources Development Canada in 2001 to ensure the stability of the EI program. “We believe the government has not observed the intent of the Employment Insurance Act,” her report said in reference to the surplus. To Read the Full Story, Subscribe or Sign In Remember Me Forgot Password If you are a current Subscriber, please click here to set-up or update your login information.