Payroll
EI
Quick Definition
Employment Insurance, a program that provides income support to workers, funded by employer and employee premiums.
EI provides temporary income support to eligible workers who lose their job or cannot work. Premiums are withheld from insurable earnings up to an annual maximum, and the employer pays a multiple of the employee premium. FastBuild computes EI from the pay period's insurable earnings; premium rates, maximums, and the employer multiplier change yearly, so employers should confirm current figures with the Canada Revenue Agency.
