2018 changes to Maximum Insurable Earnings, Employment Insurance, and Quebec Parental Insurance Plan
The Canada Employment Insurance Commission and Canada Revenue Agency have announced the 2018 premium changes to the Maximum Insurable Earnings, Employment Insurance, and the Quebec Parental Insurance Plan.
Maximum Insurable Earnings (MIE)
The MIE will increase from $51,300 to $51,700.
Employment Insurance (EI)
The EI premium rate will be $1.66 per $100 of insurable earning. This is a 3 cent increase from the 2017 rate and, 4 cent increase for employers who pay 1.4 times the employee rate.
Employers registered under the Premium Reduction Program have already been notified of the reduction for 2018.
Quebec Parental Insurance Plan (QPIP)
The QPIP premium rate will be $1.30 per $100 of insurable earnings. This is $0.36 decrease per $100 of insurable earnings from the previous year.
We have updated our systems to accommodate plan sponsors with their Weekly Indemnity/Short Term Disability benefit tied to the EI maximum.
If you have any questions, please contact your Manulife representative.