Board will set EI rates and manage surpluses separate from government revenues
The federal government has announced five directors for the new board that will set employment insurance rates and manage EI surpluses.
The Canada Employment Insurance Financing Board (CEIFB) will be chaired by David Brown, former CEO of the Ontario Securities Commission, who will be joined by Elaine Noel-Bentley, Janet Pau, Pankaj Puri and Tim O'Neill. The remaining two directors will be named in the coming weeks.
"I am very pleased to announce the appointments of these directors to the CEIFB who bring a broad spectrum of knowledge and significant expertise to the board," said Minister of Human Resources and Skills Development Diane Finley.
The CEIFB will be responsible for implementing an improved EI premium rate-setting mechanism that will ensure EI revenues and expenditures break even over time.
The board will also manage a new bank account, separate from the government's general revenues, where any excess EI premiums from a given year will be held and invested until they are used for EI purposes only.
The creation of the board came in response to strong criticism of the EI surplus, as high as $57 billion in March 2008, which was funnelled back into general government revenues.
Human Resources and Skills Development Canada will continue to be responsible for EI benefits and program delivery, which includes setting eligibility criteria and amount and length of benefits.
