In 2024, the CRA Weekly Employment Insurance (EI) program has introduced changes to better support Canadians who have lost their jobs. The weekly benefit amount has increased from $650 to $668 due to adjustments in the maximum insurable earnings, which have risen from $61,500 to $63,200. This boost ensures that those without employment receive more financial assistance while seeking new job opportunities, offering much-needed relief in challenging times.
2024 Benefit Increase: New Weekly Rates
The key update for 2024 is the increase in the weekly EI benefit to a maximum of $668, up from the previous $650. This increase is a result of the higher insurable earnings limit, meaning individuals who are unemployed can now receive more financial aid while they search for new employment.
Eligibility Criteria for Employment Insurance
To qualify for the $668 CRA Weekly Employment Insurance, applicants must meet the following conditions:
- Unemployment Without Fault: You must be unemployed due to reasons beyond your control, such as layoffs or company closure. Being fired for misconduct or resigning voluntarily without cause disqualifies you from receiving EI benefits.
- Minimum Insurable Hours: You must have worked between 420 and 700 insurable hours in the past year, depending on the unemployment rate in your region.
- Job Search Requirement: While receiving benefits, you are required to actively seek employment and submit job search claims regularly.
- Self-Employed Workers: Only self-employed individuals participating in a specific program can access EI benefits.
Breakdown of the $668 Weekly Benefit
Starting in 2024, the maximum weekly EI benefit is $668, calculated based on 55% of your average insurable weekly earnings. For instance:
- If your weekly earnings were $1,000, you would receive $550 (55% of your income).
- If your weekly earnings were higher, such as $1,400, you would qualify for the maximum capped benefit of $668 per week.
How to Apply for the CRA Weekly Employment Insurance
Applying for the CRA Weekly EI is straightforward:
- Prepare Necessary Documents: Gather your Social Insurance Number (SIN), Record of Employment (ROE), and banking details for direct deposit.
- Apply Online: Visit the CRA website, log in to your MyGov account, and complete the necessary forms.
- Submit Application: Ensure that all your information, including work history and reason for unemployment, is accurate. After submission, keep the confirmation number provided, as it will help you track your claim status.
The updated $668 weekly EI benefit is a lifeline for Canadians during unemployment, providing them with financial support while they seek new job opportunities.
