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CME applauds government efforts to reduce the cost of EI premiums

Published by Brad Fougere on September 11, 2014

Canadian Manufacturers & Exporters (CME) applaud the announcement by Minister of Finance Joe Oliver of the new Small Business Job Credit. The credit will support SMEs, who have struggled mightily over the past few years, by reducing their Employment Insurance premiums to $1.60/$100 of employable earnings from the current legislated rate of $1.88/$100, in 2015 and 2016.

“The cost of labour is one of the top five challenges hurting Canadian companies according a recent survey of our membership and 63 per cent have cited a worsening of overall business conditions,” CME President and CEO Jay Myers said, referencing CME’s Management Issues Survey. “The Small Business Job Credit will help a powerhouse — the thousands of small businesses — of the Canadian economy become more competitive.”

Any firm that pays employer EI premiums equal to or less than $15,000 in those years will be eligible for the credit. Almost 90% of all EI premium-paying businesses in Canada will receive the credit, reducing their EI payroll taxes by nearly 15%, according to Department of Finance release.

“Small businesses drive Canadian prosperity, representing about 50% of jobs in the private sector and a third of Canada’s gross domestic product,” said Minister Oliver of the measures to lower the burden on small- and medium-size enterprise in Canada.

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