On September 14, 2023, the Canadian Government announced a 3% increase in CPP premiums which makes Canada a little more expensive for average everyday workers, and 1.4X more expensive for their employers.
Additionally, the maximum insurable earnings will increase from $61,500 in 2023 to $63,200 in 2023. This means that employees earning above this amount will pay an additional $46.67 in EI in 2024 ($1,049.12 total) and employers will shoulder an additional $65.34 ($1,468.77 total) per employee.
The deficit in the EI Operating Account which is driving these increases relates largely to the increase in the number of unemployed Canadians, and temporary measures introduced during COVID-19.
Read more on the government’s announcement here Canada Employment Insurance Commission confirms 2024 Employment Insurance premium rate – Canada.ca