JBCR Virtual Solutions Blog

As entre­pre­neurs we have all thought about what would hap­pen if we became ill, had chil­dren, our spouse died, oh so much more.  I am sure the major­ity of use have looked a some type of insur­ance that might cover this issues.  Yah… right.

So great to hear about the new vol­un­tary plan for col­lect­ing spe­cial employ­ment insur­ance ben­e­fits.  Yes long overdue.

Ok let’s have a look at this

EI for Employees

“Cana­dian work­ers pay pre­mi­ums of 1.73% of insured earn­ings in return for ben­e­fits if they lose their jobs. Employ­ers con­tribute 1.4 times the value of employee pre­mi­ums. Since 1990, there is no gov­ern­ment con­tri­bu­tion to this fund.”

EI Self Employed

“Self-employed indi­vid­u­als who sign on will pay $1.73 for every $100 of self-employment income up to the max­i­mum insur­able earn­ings ceil­ing of $42,300. It is the same pre­mium as reg­u­lar EI con­trib­u­tors pay.”

Ok, so the gov­ern­ment pays noth­ing into either funds, yet they man­age the pro­gram and dole it out.  Where is the inter­est going — hmmm. 

Com­ments?

Jan