Employment Insurance

Definition

  • Formerly known as "unemployment insurance," employment insurance is a program run by Service Canada where unemployment benefits are paid to those who have lost their jobs. Employment insurance is funded through premiums paid by Canadian workers and the benefits provided differ depending on a number of criteria including their previous salary, how long they have been working, and the unemployment rate in the area.

Relevant Locations
Canada

Notes
Formerly known as Unemployment Insurance (UI).

Synonyms
job-loss insurance, unemployment coverage, short-term benefits, unemployment benefits

Acronyms
EI

Related Terms and Acronyms

  • Canada Pension Plan (CPP) Acronym, Canada, Important,
    • A public pension plan administrated by the Canadian government.
  • Disability Insurance (DI) Acronym, Important,
    • Insurance that covers individuals who develop a condition that hinders their ability to work.
  • Employers Liability Insurance (ELI) Acronym,
    • Insurance purchased to cover businesses for liability from workplace accidents.
  • Employment Equity Act (EEA) Acronym, Canada,
    • A federal statute that requires employers with 100 or more employees to eliminate any practices in the workplace discriminating against four designated groups of people who have historically been disadvantaged in the labour market: women; people who, by reason of race or colour, are members of visible minority groups; aboriginal peoples; and persons with disabilities.
  • Insurance (insur) Abbreviation,
    • An arrangement where one party provides financial protection to another party for specific damages or losses.
  • Old Age Security (OAS) Acronym, Important,
    • A Canadian pension plan for eligible Canadians over the age of 65.
  • Payroll Taxes Definition,
    • A tax based on wages and salaries that is deducted from employees pay cheques.
  • Recession Definition,
    • A prolonged period (popularly defined as two successive quarters) in which economic activity shrinks.
  • Seasonal Unemployment Definition,
    • The loss of jobs due to changes in the climate and other conditions. Forestry, fishing and construction are affected by climate, while retailing is affected by seasons and holidays. For instance, at Christmas, retail employment is higher than in January.
  • Stagflation Definition,
    • A time period where the unemployment rate and the rate of inflation are both relatively high.
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