Employment Insurance Act - Maximum Yearly Insurable Earnings
Current Version of the Employment Insurance Act
|
1996, c. 23
[E-5.6]An Act respecting employment insurance in Canada [Assented to 20th June, 1996]Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
|
|
| Maximum yearly insurable earnings | 4. (1) For the purposes of subsection 14(1.1), section 17, subsection 82(2) and sections 95 and 145, the maximum yearly insurable earnings is $39,000 until the amount calculated in accordance with subsection (2) for a year, before rounding down under subsection (4), exceeds $39,000, in which case the maximum yearly insurable earnings for that year is that amount, rounded down under subsection (4). |
| Calculation of amount | (2) The amount referred to in subsection (1) is the amount equal to 52 times the product obtained by multiplying
(a) the average for the twelve month period ending on June 30 in the preceding year of the Average Weekly Earnings for each month in that period by (b) the ratio that the average for the twelve month period ending on June 30 in that preceding year of the Average Weekly Earnings for each month in that twelve month period bears to the average for the twelve month period ending twelve months prior to June 30 of that preceding year of the Average Weekly Earnings for each month in that twelve month period ending twelve months prior to June 30 of that preceding year. |
| Subsequent years | (3) For years subsequent to the year in which the maximum yearly insurable earnings exceeds $39,000, before rounding down under subsection (4), the maximum yearly insurable earnings is the maximum yearly insurable earnings for the preceding year, before rounding down under subsection (4), multiplied by the ratio that the average for the twelve month period ending on June 30 in that preceding year of the Average Weekly Earnings for each month in that twelve month period bears to the average for the twelve month period ending twelve months prior to June 30 of that preceding year of the Average Weekly Earnings for each month in that twelve month period ending twelve months prior to June 30 of that preceding year. |
| Rounding down | (4) If the amount calculated in accordance with subsection (2) or (3) is not a multiple of one hundred dollars, the amount of the maximum yearly insurable earnings is rounded down to the nearest multiple of one hundred dollars. |
| Average Weekly Earnings | (5) The Average Weekly Earnings for a month is the average weekly earnings of the Industrial Aggregate in Canada for the month as published by Statistics Canada under the authority of the Statistics Act. 1996, c. 23, s.4 ; 2001, c. 5, s.3. |
