Supplementary statement

Public Accounts of Canada 2017 Volume I—Top of the page Navigation

Employment Insurance Operating Account

Management's responsibility for financial statements — Employment Insurance Operating Account

The financial statements of the Employment Insurance Operating Account are prepared in accordance with Canadian public sector accounting standards by the management of Employment and Social Development Canada (ESDC). Management is responsible for the integrity and objectivity of the information in the financial statements, including the amounts which must, of necessity, be based on best estimates and judgement. The significant accounting policies are identified in Note 2 to the financial statements.

To fulfill its accounting and reporting responsibilities, management has developed and maintains books of account, financial and management controls, information systems and management practices. These systems are designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Employment Insurance Act and regulations, as well as the Financial Administration Act and regulations.

The Auditor General of Canada, the external auditor of the Employment Insurance Operating Account, conducts an independent audit of the financial statements in accordance with Canadian generally accepted auditing standards and provides a report to the Minister of Families, Children and Social Development.

The financial statements of the Employment Insurance Operating Account are an integral part of the Public Accounts of Canada, which are tabled in the House of Commons and are referred to the Standing Committee on Public Accounts for examination purposes.

Louise Levonian
Deputy Minister
Employment and Social Development Canada
and Chairperson of the Canada Employment Insurance Commission

Mark Perlman, CPA, CMA
Chief Financial Officer
Employment and Social Development Canada

Gatineau, Canada
August 29, 2017

Independent Auditor's Report — Employment Insurance Operating Account

To the Minister of Families, Children and Social Development

I have audited the accompanying financial statements of the Employment Insurance Operating Account, which comprise the statement of financial position as at 31 March 2017, and the statement of operations and accumulated surplus, statement of change in net financial assets and statement of cash flow for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion

In my opinion, the financial statements present fairly, in all material respects, the financial position of the Employment Insurance Operating Account as at 31 March 2017, and the results of its operations, changes in its net financial assets, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

Nathalie Chartrand, CPA, CA
Principal
for the Auditor General of Canada

29 August 2017
Ottawa, Canada

Statement of financial position as at March 31
(in thousands of dollars)

  2017 2016
Financial assets
Balance of the account with Receiver General for Canada 1,397,067 924,112
Premiums receivable 1,559,492 1,994,721
Benefit overpayments, penalties and interest receivable (Note 3) 413,081 371,625
Benefit repayments receivable from higher income claiments 387,215 375,011
Subtotal 3,756,855 3,665,469
Liabilities
Benefits payable 738,921 676,547
Other accounts payable (Note 4) 18,579 73,993
Subtotal 757,500 750,540
Net financial assets and accumulated surplus 2,999,355 2,914,929

Approved by:

Louise Levonian
Deputy Minister
Employment and Social Development Canada
and Chairperson of the Canada Employment Insurance Commission

Mark Perlman, CPA, CMA
Chief Financial Officer
Employment and Social Development Canada

Statement of operations and accumulated surplus for the year ended March 31
(in thousands of dollars)

  2017
Budget (Note 6)
2017
Actual
2016
Actual
Revenues
Premiums (Note 7) 22,708,500 22,537,353 23,491,100
Penalties (Note 3) 42,400 51,306 57,220
Interest (Note 3) 16,300 14,678 37,791
Subtotal 22,767,200 22,603,337 23,586,111
Expenses
Benefits and support measures (Schedule I)
Income benefits (Note 8) 17,910,000 18,794,322 17,632,921
Transfers to provinces and territories related to Labour Market Development Agreements 1,950,000 2,067,435 1,938,683
Support measures 123,630 112,490 111,660
Benefit repayments from higher income claimants (negative 258,000) (negative 263,109) (negative 264,639)
Subtotal 19,725,630 20,711,138 19,418,625
Administration costs (Note 9) 1,605,950 1,775,852 1,653,336
Bad debts 50,000 31,921 120,927
Subtotal 21,381,580 22,518,911 21,192,888
Net surplus for the year 1,385,620 84,426 2,393,223
Accumulated surplus—beginning of year 2,914,929 2,914,929 521,706
Accumulated surplus—end of year 4,300,549 2,999,355 2,914,929

Statement of change in net financial assets for the year ended March 31
(in thousands of dollars)

  2017
Budget (Note 6)
2017
Actual
2016
Actual
Net surplus for the year 1,385,620 84,426 2,393,223
Net financial assets—beginning of year 2,914,929 2,914,929 521,706
Net financial assets—end of year 4,300,549 2,999,355 2,914,929

Statement of cash flow for the year ended March 31
(in thousands of dollars)

  2017 2016
Operating activities
Cash receipts
Premiums 22,972,582 23,320,035
Recoveries of benefit overpayments and penalties 365,252 327,868
Benefit repayments received from higher income claimants 250,904 233,656
Subtotal 23,588,738 23,881,559
Cash payments
Income benefits (negative 19,127,998) (negative 17,856,628)
Transfers to provinces and territories related to Labour Market Development Agreements (negative 2,067,435) (negative 1,938,683)
Support measures (negative 115,291) (negative 108,491)
Administration costs (negative 1,805,059) (negative 1,651,859)
Subtotal (negative 23,115,783) (negative 21,555,661)
Net change in balance of the account with Receiver General for Canada 472,955 2,325,898
Balance of the account with Receiver General for Canada
Beginning of year 924,112 (negative 1,401,786)
End of year 1,397,067 924,112

Notes to the financial statements for the year ended March 31, 2017

1. Authority, objective and responsibilities

The Canada Employment Insurance Commission (the Commission), a departmental corporation named in Schedule II to the Financial Administration Act, administers the Employment Insurance Act (the Act). The Commission is co-managed by Commissioners representative of the Government, workers and employers. The objective of the Act is to provide employment insurance (EI) benefits and employment programs and services to eligible workers. The financial transactions relating to this objective are reported through the Employment Insurance Operating Account (the Account).

The Account was established in the accounts of Canada by the Act. All amounts received under the Act are deposited in the Consolidated Revenue Fund and credited to the Account. The benefits and the costs of administration of the Act are paid out of the Consolidated Revenue Fund and charged to the Account. In these financial statements, the Consolidated Revenue Fund is represented by the Balance of the account with Receiver General for Canada.

The Commission, through the officers and employees of the Department of Employment and Social Development (ESDC), is responsible for the delivery of the Employment Insurance program and the day-to-day administration of the Account, including setting the EI premium rate, the annual maximum insurable earnings and the employer's premium reduction in respect of wage-loss plans, subject to the legislated parameters in the Act.

Starting with the 2017 EI premium rate, the Commission assumed responsibility for setting the EI premium rate for each year no higher than needed to cover the projected costs of the EI program over a seven-year period and eliminate any cumulative surplus/deficit in the Account.

The Minister of National Revenue is responsible for collecting premiums from employers and employees, and for administering and enforcing the provisions of the Act relating to benefit repayments receivable from higher income claimants.

The Act authorizes the Commission, with the approval of the Minister responsible for ESDC, to enter into Labour Market Development Agreements with each province and territory. Under these agreements, the Government of Canada provides contributions to provincial and territorial governments to be used to pay for all or a portion of the costs of their benefits and measures provided they are similar to the employment benefits and support measures established under Part II of the Act. The contributions can also be used to pay for any administration costs incurred in providing these similar benefits and measures.

The Act also requires the Commission to make regulations to provide a system to reduce employers' and employees' premiums when payments under a provincial law would have the effect of reducing or eliminating the special benefits payable under the Act.

2. Significant accounting policies

The Account is a component of the Government of Canada reporting entity. In this context, its operations are consolidated with those of the Government and are presented in the financial statements of the Government of Canada.

(a) Basis of accounting

These financial statements are prepared in accordance with Canadian public sector accounting standards (PSAS).

(b) Premiums

Premiums are recognized as revenue in the period in which they are earned, when workers, through their employment, generate these premiums and the related employer's contribution. Premiums earned in the period are measured from amounts assessed by the Canada Revenue Agency (CRA) and from estimates of amounts not yet assessed. Premium revenue also includes adjustments between actual and estimated premiums of previous years.

(c) Benefits and support measures

Benefits and support measures include income benefits (or benefits under Part I of the Act) and employment benefits and support measures (benefits under Part II of the Act). Those benefit expenses are recorded when the recipients become entitled to the benefits. An estimate of the benefits earned by the recipients related to the current fiscal year but not yet paid are recorded as benefits payable. This estimate is based on actual payments made subsequent to year-end.

Income benefits provide temporary income support to claimants while they look for work. Income benefits include self-employed fishers and work-sharing agreements for temporary work shortages. It also includes special benefits such as maternity, parental, sickness and compassionate care benefits. Income benefit expenses represent the amounts paid and payable to claimants for the period relating to the fiscal year, for the weeks the claimants were entitled to the payments. Overpayments established during the year are deducted from these expenses.

The rates for income benefits are set on a calendar year basis. The maximum rate is $543 per week for the period from January to December 2017, and $537 per week for January to December 2016 ($524 per week for 2015). Benefits are paid at the lesser of 55 per cent of average insurable earnings and the maximum rate. For claimants who qualify as a low-income family with children, the rate may be increased up to the lesser of 80 per cent of average insurable earnings and the maximum rate.

Transfer payments to the provinces and territories under the Labour Market Development Agreements are made pursuant to section 63 of the Act. Similar to the employment benefits and support measures, these transfer payments are recorded as expenses in the year in which the provinces/territories met the eligibility criteria and the transfers are authorized. Overpayments to provinces and territories are recovered and recorded in reduction of expenses.

Support measures provide financial assistance, through government transfers, to eligible persons to help them re-integrate into the labour market and to third parties to help them provide employment assistance services to unemployed workers and employed persons if they are facing a loss of their employment. These expenses include the direct costs of financial and employment assistance programs and related measures provided to eligible persons and third parties. Government transfers are recognized in the year in which the recipient has met the eligibility criteria or fulfilled the terms of a contractual transfer agreement and the transfer is authorized.

Claimants with income levels higher than those stated in the Act have to repay benefits received. Benefit repayments received and the estimated benefit repayments receivable are assessed by the CRA based on tax returns assessed and an estimate of tax returns not yet assessed. These benefit repayments are disclosed in the Statement of operations and accumulated surplus and Schedule I as benefit repayments from higher income claimants.

(d) Administration costs

Administration costs are accounted for and charged to the Account in accordance with various memoranda of understanding. The Account does not have employees and ESDC administers the Act on behalf of the Account. In addition to ESDC, other government departments also provide services to the Account and under all the various memoranda of understanding, the Account is charged at cost.

(e) Balance of the account with Receiver General for Canada

The Account operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by and credited to the Account is deposited to the CRF, and all cash disbursements made by and charged to the Account are paid from the CRF. The balance of the account with Receiver General for Canada is the difference between all cash receipts and all cash disbursements, including transactions with departments of the Government.

(f) Related party transactions

The Account is a component of the Government of Canada reporting entity and is therefore related to all federal departments, agencies and Crown corporations. The Account enters into transactions with these entities in the normal course of operations, which are recorded at the exchange value.

(g) Measurement uncertainty

The preparation of financial statements in accordance with Canadian public sector accounting standards requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities as at the date of the financial statements and revenues and expenses during the reporting period. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. The most significant estimates are related to premium revenue and receivables, administration costs, benefit repayments, allowances for doubtful accounts, estimated overpayments and underpayments of benefits disclosed in Note 8, contingent liabilities and the amounts presented in Schedule II. Actual results could differ significantly from those estimates.

3. Benefit overpayments, penalties and interest receivable

(in thousands of dollars)

  2017 2016
Benefit overpayments and interest receivable 576,444 569,409
Penalties and interest receivable 143,980 138,799
Subtotal 720,424 708,208
Less: allowance for doubtful accounts 307,343 336,583
Total 413,081 371,625

Overpayments on claims processed during the current and preceding years are detected through a verification process. These overpayments are accounted for by reducing the benefit expenses during the year in which they are established.

Penalties may be imposed on a claimant or an employer that provided false or misleading information. Interest is charged on outstanding employment insurance debts caused through misrepresentation and on penalties. The Act sets the maximum amounts that may be imposed in these cases.

(in thousands of dollars)

  2017 2016
Benefit overpayments and interest receivable—beginning of year 569,409 559,516
Benefit overpayments established during the year 372,646 356,982
Interest accrued during the year 12,474 29,214
Benefit overpayments recovered during the year (negative 328,430) (negative 291,738)
Uncollectible benefit overpayments written off during the year (negative 49,655) (negative 84,565)
Benefit overpayments and interest receivable—end of year 576,444 569,409
Penalties and interest receivable—beginning of year 138,799 130,688
Penalties imposed during the year 51,306 57,220
Interest accrued during the year 4,691 10,802
Penalties recovered during the year (negative 36,822) (negative 36,130)
Uncollectible penalties written off during the year (negative 13,994) (negative 23,781)
Penalties and interest receivable—end of year 143,980 138,799

An allowance for doubtful accounts is recorded for benefit overpayments, penalties and interest receivable. The allowance is estimated by aging the balance of the accounts receivable outstanding and applying varying percentages based on past recovery experience to the aging categories.

During 2016–2017, the Account charged a total $17.2 million ($40.0 million in 2015–2016) of interest. The interest revenue presented in the Statement of operations and accumulated surplus ($14.7 million in 2016–2017 and $37.8 million in 2015–2016) is net of interest charged on accounts receivable deemed unrecoverable ($2.5 million in 2016–2017 and $2.2 million in 2015–2016). The allowance for doubtful accounts was increased by this amount.

4. Other accounts payable

(in thousands of dollars)

  2017 2016
Accounts payable—Federal government departments and agencies
Amounts payable to ESDC related to Labour Market Development Agreements 5,739 5,918
Tax deductions on benefits due to CRA 5,702 29,026
Administration costs payable to federal government departments 4,675 33,703
Other deductions 390 248
Subtotal 16,506 68,895
Accounts payable—External parties
Assignments of benefits due to social services organizations 1,114 950
Tax deductions on benefits due to Quebec 959 4,148
Subtotal 2,073 5,098
Total 18,579 73,993

5. Financial assets and liabilities

The fair values of the premiums receivable, benefit repayments receivable from higher income claimants, benefits payable and other accounts payable are considered by management to be comparable to their carrying values because of their short term maturity. These financial assets and liabilities should either be received or paid in the next fiscal year.

Benefit overpayments, penalties and interest are usually recovered over a period longer than one year. As interest is only applicable to overpayments caused through misrepresentation and on penalties, and as the allowance for doubtful accounts reduces the carrying value, the benefit overpayments, penalties and interest receivable is assumed to approximate its fair value.

All of these financial assets and liabilities arose in the normal course of business.

6. Comparison of results against budget

The budget amounts included in the Statement of operations and accumulated surplus and Schedule I—Benefits and support measures, are part of the amounts reported in the Employment and Social Development Canada's future oriented consolidated financial statements, which are included in the 2016–2017 Report on Plans and Priorities.

7. Premiums

Premiums for the fiscal year are measured by the Canada Revenue Agency (CRA) based on amounts assessed and reassessed at the time of preparation of its financial statements and an estimate of premiums earned in the period but not yet assessed or reassessed.

Premium revenue includes an estimate of premiums earned in the fiscal year but not yet assessed or reassessed at the time of preparation of the financial statements. Fiscal year 2016–2017 includes $7,347 million in forecasted premium revenue for the 3-month period from January to March 2017 ($8,224 million in 2016), or approximately 34.87 per cent (34.55 per cent in 2016) of the total forecast premium revenue of $21,069 million for calendar year 2017 ($23,805 million for 2016), net of reductions and refunds. This estimate is based on the forecasted total insurable earnings of $583,073 million in calendar year 2017 ($584,844 million in 2016). The total insurable earnings forecasts are mainly dependent upon the projected growth in both employment (1.03 per cent in 2017 and 0.71 per cent in 2016) and average wages (2.12 per cent in 2017 and 1.68 per cent in 2016).

A variation in these assumptions would have an impact on the total insurable earnings forecasted and consequently, forecasted premium revenue. The sensitivity analysis below was determined based on changes to the respective assumptions while holding all other assumptions constant:

Variable Variation Forecasted Premium Revenues
January-March 2017
Employment growth +/- 0.1% +/- 7 million
Average wages +/- 0.1% +/- 3 million

Actual premium revenue for calendar years 2016 and 2017 will only be known once the CRA has processed all employer declarations of premiums for these years. An adjustment for the difference between actual and estimated premiums will be recorded in the fiscal year in which the actual assessment or reassessment results are known. The difference between estimated and actual premium revenue for calendar year 2015, as known and recorded at the time of the preparation of these financial statements is a decrease in revenue of $49.4 million ($99.0 million increase for calendar year 2014 in 2015–2016 financial statements).

For the 2017 calendar year, premium rate for each $100 of insurable earnings was set under section 66 of the Act at 1.63 (1.88 in 2016 and 2015) for the employees who were residents of provinces without a provincial plan. For employees who were residents of provinces with a provincial plan, the premium rate was 1.27 (1.52 in 2016 and 1.54 in 2015). The employers must pay 1.4 times the amount of the employee's premiums. The annual maximum insurable earnings for 2017 is $51,300 ($50,800 in 2016 and $49,500 in 2015).

Employment Insurance premiums include the employer's share of premiums paid by the federal government of $412.6 million ($421.1 million in 2015–2016).

8. Estimated overpayments and underpayments of benefits

The verification of claims is conducted both prior to and after claimants have begun to receive benefits, using a combination of up-front and automated control measures and post-payment verification activities.

In order to measure the accuracy of benefit payments, ESDC has a program in place which establishes an annual payment accuracy rate and estimates, through statistical extrapolation, the most likely value of incorrect benefit payouts.

For benefits paid during the twelve months ended March 31, 2017, these undetected overpayments and underpayments are estimated to be $655.7 million and $219.1 million respectively ($863.7 million and $232.4 million in 2015–2016). The annual payment accuracy rate (which is comprised of three error sources: claimant, employer and administrative) and estimated value of errors are used by ESDC to assess the quality of decisions and the need, if any, to improve its systems and practices of processing claims.

The overpayments established during the year, as indicated in Note 3, are not directly linked to the above noted estimated overpayments and underpayments of benefits for the same period.

9. Administration costs

Costs incurred for administering the Act are charged to the Account based on various memoranda of understanding with federal government departments and entities.

In addition, the administration costs paid to provinces and territories to administer the Labour Market Development Agreements are included in the administration costs for the year based on provisions of the agreements.

(in thousands of dollars)

  2017 2016
Federal government departments and agencies
Employment and Social Development Canada
Personnel related costs 822,989 802,557
Non-personnel related costs 447,816 376,646
Canada Revenue Agency
Collection of premiums and rulings 230,178 218,630
Treasury Board Secretariat
Health Insurance Plan and Public Service Insurance 79,029 60,297
Administrative Tribunals Support Service of Canada
Social Security Tribunal 9,174 8,019
Courts Administration Services
Courts Administration Services 1,098 1,097
Subtotal 1,590,284 1,467,246
External parties
Administration costs incurred by provinces and territories under the Labour Market Development Agreements 191,217 191,556
Total 1,781,501 1,658,802
Deduct: recovery of costs for maintaining the social insurance number registry 5,649 5,466
Total 1,775,852 1,653,336

10. Contractual obligations

The nature of the Account activities can result in some large multi-year agreements whereby the Account will be obligated to make future payments in order to carry out its transfer payment programs. Significant contractual obligations that can be reasonably estimated are summarized as follows:

(in thousands of dollars)

  2018 2019 2020 2021 2022 and thereafter Total
Labour Market Development Agreements 2,141,756 2,141,756
Other transfer payments 102,864 1,591 571 105,026
Administration costs 1,739,333 1,739,333
Total 3,983,953 1,591 571 3,986,115

Labour Market Development Agreements (LMDA) with eight of the provinces and territories require a two year notice for cancellation of the agreements. The obligations for 2019 cannot be reasonably estimated.

Administration costs are charged to the Account in accordance with various memoranda of understanding (MOU). The MOUs require written notification for cancellation and one of the more significant MOUs require one year advanced notification. Therefore, the administration costs disclosed are an estimation of the costs that will be charged to the Account in the next fiscal year. Administration costs are expected to continue to be charged to the Account in the upcoming fiscal years, but cannot be reasonable estimated at this time.

11. Contingent liabilities

In the normal course of the operations, numerous appeals against or by the Commission are presently outstanding. The outcome of these appeals is not presently determinable. Any claims resulting from the resolution of these appeals will be accounted for as an expense in the period in which the claim will be determinable. However, in the opinion of management, the result of these appeals should not have a significant impact on the operations of the Account as the total contingent liability amount is estimated at $33.5 million as at March 31, 2017.

12. Comparative information

Certain comparative figures have been reclassified to conform to the current year's presentation.

Schedule I—Benefits and support measures for the year ended March 31
(in thousands of dollars)

  2017
Budget (Note 6)
2017
Actual
2016
Actual
Part I—Income benefits
Regular 12,075,000 12,907,186 12,058,162
Fishing 292,000 300,611 287,070
Work-sharing 32,000 47,545 40,366
Subtotal 12,399,000 13,255,342 12,385,598
Special benefits
Parental 2,766,000 2,699,944 2,611,676
Sickness 1,488,000 1,560,347 1,444,042
Maternity 1,176,000 1,171,972 1,124,182
Compassionate care 40,000 54,855 17,736
Adoption 21,367 21,452
Parents of critically ill children 30,000 20,692 19,071
Self-employment 11,000 9,803 9,164
Subtotal 5,511,000 5,538,980 5,247,323
Total income benefits 17,910,000 18,794,322 17,632,921
Less: benefit repayments from higher income claimants 258,000 263,109 264,639
Total part I 17,652,000 18,531,213 17,368,282
Part II—Employment benefits and support measures
Employment benefits
Transfer payments to provinces and territories related to Labour Market Development Agreements 1,950,000 2,067,435 1,938,683
Support measures
Labour market partnerships 119,530 106,735 110,286
Research and innovation 4,100 5,755 1,374
Subtotal 123,630 112,490 111,660
Total part II 2,073,630 2,179,925 2,050,343
Total Benefits and support measures 19,725,630 20,711,138 19,418,625

Schedule II—Statement of operations and accumulated surplus for the period of January 1st to December 31st
(in thousands of dollars)

  2017 2016
Revenues
Premiums 23,707,452 23,296,333
Penalties 59,523 43,634
Interest 36,158 10,838
Total 23,803,133 23,350,805
Expenses
Income benefits 18,573,121 17,190,213
Transfers to provinces and territories related to Labour Market Development Agreements 1,942,435 1,938,870
Support measures 115,802 111,612
Benefits repayments from higher income claimants (negative 274,714) (negative 248,126)
Subtotal 20,356,644 18,992,569
Administration costs 1,745,232 1,654,314
Bad debts 54,173 103,131
Subtotal 22,156,049 20,750,014
Net surplus for the period 1,647,084 2,600,791
Accumulated surplus (deficit)—beginning of period 866,769 (negative 1,734,022)
Accumulated surplus—end of period 2,513,853 866,769

The estimates provided in this Schedule for calendar year 2016, which is prepared in accordance with Canadian public sector accounting standards, are used by the Commission to establish the Employment Insurance premium rate for the following calendar year. The mechanism for setting the Employment Insurance premium rate is designed to ensure that revenues and expenditures break even over time.

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