Canada's employment insurance (EI) premium rate is set to increase in 2024.

In an announcement on Friday, Minister of Employment Randy Boissonnault said the government would continue strengthening the country's social safety net, including a "resilient" EI program.

He said employment has seen significant growth since the throes of the pandemic.

Canada Employment Insurance Commission confirms 2024 Employment Insurance premium rate https://t.co/NyQ6h2h2Qz

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"Today, 983,000 more Canadians are working than when the pandemic hit, and Canada had the strongest economic growth in the G7 over the course of 2022," stated Boissonnault.

At the same time, the minister says Canada faces economic headwinds like global inflation, all while its labour market continues to grow.

"Canada must be in the strongest position to support our workers," he said.

"This is why the government is making significant investments in Canada's workforce development, preparing for future needs, and investing in the next generation with skills advancement and job training."

With this in mind, the Canada Employment Insurance Commission — responsible for setting the annual EI premium rate — has announced that the rate for 2024 will be $1.66 per $100 of insurable earnings.

Boissonnault says that's an increase of three cents from the current rate and is 22 cents lower than it was between 2013 and 2016 ($1.88).

"This reflects the continued strength in Canada's labour market and is in keeping with the government's work to ensure that the EI Operating Account is on track to balance over the course of its mandated seven-year break-even horizon."

The annual EI premium rate is based on the seven-year break-even rate forecasted by the EI Senior Actuary.