It is important for countries to have a strong social safety net in order to support unemployed workers – especially those who are currently looking for employment or who are going back to school or university to upgrade their skills. Employment insurance is an integral part of this safety net and provides workers with the financial means they need to find a new career that suits them best.
Our country must have highly trained workers in order to remain competitive in diverse economic sectors. We support a system of employment insurance that enables workers to take the time they need to boost their knowledge of growing or emerging industries and apply themselves to taking positions in these fields.
If you are a recently unemployed worker who is looking to make a change and needs to find financial support to make it happen, then apply for the employment insurance program right away.
What Is Employment Insurance?
Employment insurance in Toronto and elsewhere in the country is an integral part of the government entitlement system. The employment insurance system offers temporary income support to those who have recently become unemployed. This is done under the assumption that these workers are actively looking for a new position or are upgrading their skills to be more competitive in the job market.
The system of employment insurance also offers benefits for those who need to take time away from work for a variety of reasons including illness, pregnancy, or to care for a family member. Workers are only eligible for employment insurance if they have paid premiums in the last year and if they meet specific qualifying conditions.
All workers in Canada pay premiums through every paycheck towards supporting the employment insurance system. Employment insurance in Canada is organized and overseen by the Canada Employment Insurance Commission.
Why Is Employment Insurance So Important?
Employment insurance is an essential pillar of a developed economy. In former eras, unemployment entailed that workers were forced to pursue dangerous or unsavoury occupations – in essence, they would be compelled to take on any kind of work that they could find.
With the contemporary employment insurance system, workers now have the ability to bide their time during their job search in order to secure a position that fits well with their skillset and provide employers with a highly qualified labour market.
In economic terms, employment insurance acts as a macroeconomic stabilizer. Since high unemployment rates drag down overall economic growth in a country, having employment insurance to support unemployed workers allows the business cycle to be more smooth than it otherwise might be.
While some critics of a comprehensive employment insurance program argue that this type of social safety net will reduce the motivation of potential job applicants to actually look for a new position; however, given the experience of past eras of high unemployment and the damaging effect this can have for the economy, it is far preferable to have such a system in place.
What Does Employment Insurance Cover?
Employment insurance covers the financial needs of workers throughout a temporary period of unemployment. The amount that will be distributed to an individual will depend on the specifics of their case. Most of the time, you can expect that you will receive employment insurance benefits of up to fifty-five percent of your average earnings of the previous year. However, there is a cap on this number.
Employment insurance is available for temporarily unemployed workers for fourteen to forty-five weeks. The length of time that employment insurance will be available to you depends on the unemployment rate in your region of the country. It also relies on the number of insurable hours that you worked in the last year or since the last time you claimed employment insurance benefits.
If you support a family with children, then you may also be entitled to the family supplement as part of the employment insurance system. If you fit the eligibility criteria, then you can receive a higher benefit rate.
Who Needs Employment Insurance?
Employment insurance is primarily intended for those workers who have recently lost their job through no fault of their own. This can occur during periods of layoffs or during economic downturns. In essence, the individuals seeking employment insurance are available to work but have not yet found an appropriate position.
If you are a worker who has recently lost their job, then it is important for you to begin the process of applying for employment insurance – in Toronto or elsewhere – right away. The longer you wait, the higher the chance may be that you will miss out on some of your benefits.
However, employment insurance is also available for more specific categories of workers. This includes those who have a significant illness or those who are pregnant or on maternity leave from work.
Why Go With KASE Insurance?
Toronto is the largest city in Canada and thus has the largest job market in the country. With more workers looking for great jobs and more employers vying for the most highly skilled employees, it is important to be able to provide citizens with the means of getting into the positions that are right for them.
As the leading commercial insurance broker in Toronto, KASE Insurance is happy to support a system of employment insurance that benefits those who have recently lost their job. Employment insurance in Toronto is a great means of supplying those who want to start a new career plan with the financial means to do so.
With KASE Insurance, you can be sure that the well-being of our clients is our top priority. We have worked with many employers and workers throughout the years in many different industries. We always find a solution that is comprehensive and tailored to the specific needs of each client.
Contact our friendly and professional team of brokers today to learn more about employment insurance and how it can benefit you. You can reach us by telephone at 647-494-5273 or through our online contact form.
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