Section 66 — Employment Insurance Act: Annual premium rate setting

Subject to subsection (7) and section 66.32, the Commission shall set the premium rate for each year in order to generate just enough premium revenue to ensure that, at the end of the seven-year period that commences at the beginning of that year, the total of the amounts credited to the Employment Insurance Operating Account after December 31, 2008 is equal to the total of the amounts charged to that Account after that date. [Repealed, 2013, c. 40, s. 126] The Commission shall set the premium rate based on the information provided under sections 66.1 and 66.2; the actuary’s report provided under section 66.3 for that year; [Repealed, 2012, c. 19, s. 609] any regulations made under section 69; any changes, announced by the Minister on or before July 22 in a year, to payments to be made under paragraph 77(1)(a), (b) or (c) during the following year; and any other information that the Commission considers relevant. [No subsection (3)] [Repealed, 2012, c. 19, s. 609] The premium rate may not be increased or decreased by more than five one-hundredths of one per cent (0.05%) from one year to the next. [Repealed, 2013, c. 40, s. 126] On the joint recommendation of the Minister and the Minister of Finance, the Governor in Council may change the maximum percentage referred to in subsection (7) by which the premium rate may be increased or decreased from one year to the next, if the Governor in Council considers it to be in the public interest. On or before September 14 in a year, the Commission shall set the premium rate for the following year.