Employment Insurance basics

2010-06-16-unemployment

Losing your job can be stressful, particularly if the economy is not doing that great, and if you don’t have a lot of savings.

If you live in Canada, employment insurance -or E.I- can relieve some of the financial stress, provided you do not make these common mistakes:

  • assuming you are not eligible: unless you voluntarily quit your job or were dismissed for just cause, you are eligible for E.I.
  • not applying: benefits are not automatic. You need to fill in the paperwork.
  • applying whenever you want to: you need to apply within 30 days to receive benefits. Even if you receive a severance package, you still need to apply within the required time frame.
  • waiting for your Record of Employment -ROE-: you do not need this document to apply for benefits. Your employer has to forward it to Service Canada. If it is not done, Service Canada will contact your former employer.

The amount you will receive is 55% of your salary, up to a maximum of $ 524.00 per week for 2015. This amount is subject to income tax.

A lot of people seem to be ashamed of applying for E.I. benefits. As an employee, you pay mandatory contributions to this program. You have the right to collect benefits, provided you are eligible.

One thought on “Employment Insurance basics

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s