Bill C-344

SUMMARY

This enactment amends the method for setting the premium rate in the Employment Insurance Act. It also amends a number of provisions in that Act with respect to the Employment Insurance Account.

This enactment provides that every year the Canada Employment Insurance Commission will set the premium rate and cause a report to be sent to the Minister of Human Resources and Skills Development who will cause a copy of the report to be laid before each House of Parliament.

This enactment provides also that the Employment Insurance Account will no longer form part of the accounts of Canada. The amounts paid into the Employment Insurance Account will become part of the assets of the Canada Employment Insurance Commission, and the Commission will manage them in the best interests of the contributors and beneficiaries under the employment insurance system.

At the request of the Minister of Finance, the Canada Employment Insurance Commission may extend a loan to Her Majesty in right of Canada and establish the interest rate and other terms and conditions for its repayment. Conversely, that Minister must extend a loan to the Commission if the Commission is unable to pay the amounts that it is liable to pay.

Under the enactment, the Canada Employment Insurance Commission is composed of four commissioners, including a Chairperson, a Vice-Chairperson, a person representing employees and a person representing employers. The persons representing employees and employers are appointed by the Governor in Council, the Chairperson is appointed by the House of Commons and the Vice-Chairperson is selected from among the Deputy Ministers or the Associate Deputy Ministers of the Department of Human Resources and Skills Development.