EI Maximum Insurable Earnings Increase for 2015

The maximum insurable earnings for 2015 will increase from $48,600 to $49,500.

The premium rate will remain at 1.88% so the maximum employee premium will increase from $913.68 to $930.60. For employers, the maximum premium will increase from $1,279.15 to $1,302.84 (or decrease to $1,108.80 with the small business job credit). Due to the increase in maximum insurable earnings employees who earn $49,500 or more will pay more EI premiums despite the fact that the employee EI rate remains at 1.88 per $100.00 of insurable earnings.

The maximum premium rate (QPIP) for Quebec residents is 1.54% per $100 insurable earnings and Quebec employers 2.16% (1.77% with the small business job credit).

For 2015 the minimum income for self-employed to qualify to participate in the EI program will increase from $6,515 to $6,645.

Reported by Jenifer Profitt, DFA-Bookkeeping Service Specialist. Jenifer is based in Pickering, ON and provides support to students of the Knowledge Bureau Advanced Payroll course.