Employment Insurance - EI

DEFINITION of 'Employment Insurance - EI'

An unemployment insurance program in Canada that allows individuals who have recently lost a job to receive temporary financial assistance. Employment insurance can also be extended to individuals who are unable to work because of illness or who are caring for a young child or a seriously ill family member. In additional to financial assistance, the program assists the unemployed with job search services.

BREAKING DOWN 'Employment Insurance - EI'

The Employment Insurance Act replaced the Unemployment Insurance Act in 1996. The updated scheme was designed to link unemployment benefits with wages, and to reduce penalties for those who can only find temporary work. In order to qualify for benefits, individuals must work a certain number of hours, and the length of time that benefits are provided for depends on an individual's geographic region's unemployment rate.

RELATED TERMS
  1. Unemployment Insurance

    A source of income for workers who have lost their jobs through ...
  2. Continuing Claims

    Continuing claims refers to unemployed workers that qualify for ...
  3. Unemployment Rate

    The percentage of the total labor force that is unemployed but ...
  4. Health Insurance

    A type of insurance coverage that pays for medical and surgical ...
  5. Unemployment

    Unemployment occurs when a person who is actively searching for ...
  6. Catastrophic Illness Insurance

    A type of insurance that protects the insured, in the event of ...
Related Articles
  1. Markets

    Understanding the Unemployment Rate

    The unemployment rate is the percentage of people in the labor force who are unemployed but seeking a job.
  2. Personal Finance

    Critical Illness Insurance: Do You Need It?

    Critical illness insurance could be the only thing protecting you from financial ruin if you're faced with a big health emergency.
  3. Trading

    Critical Illness Insurance: Get Paid If You Get Sick

    This coverage will allow you to focus your attention on getting well, rather than getting by.
  4. Personal Finance

    How to Protect Your Income No Matter What

    What does it mean to insure your income? Here are a variety of ways to do it and some insights into when it might make sense to invest in income insurance.
  5. Markets

    The Cost Of Unemployment To The Economy

    Unemployment carries many costs, both obvious and hidden, for an economy.
  6. Markets

    Where Unemployment Hits Hardest

    A look at the demographics of unemployment, and what that means for workers around the nation.
  7. Markets

    What The Unemployment Rate Doesn't Tell Us

    The unemployment rate is climbing, but what does it mean?
  8. Retirement

    6 Benefits You're Required by Law to Offer Your Employees

    Learn about the benefits that a business must offer to employees, such as family and medical leave, as well as various forms of insurance coverage.
  9. Trading

    Intro To Insurance: Conclusion

    By Cathy ParetoInsurance is an integral part of any personal financial plan. The type of insurance and the amount of coverage you obtain all depends on your unique financial and family circumstances, ...
  10. Markets

    How To Apply For Unemployment Insurance

    Unemployment compensation is a federal program administered by each state. Here's how to connect to your state's unemployment office and what to expect.
RELATED FAQS
  1. Unemployment resulting from changes in the basic composition of the economy ... ...

    The correct answer is a. An example of structural unemployment is the technological revolution. Computers might have eliminated ... Read Answer >>
  2. What is the difference between structural unemployment and cyclical unemployment?

    Learn more about unemployment in an economy, what structural and cyclical unemployment are, and the differences between these ... Read Answer >>
  3. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  4. Are Social Security benefits affected by unemployment benefits?

    Find out if Social Security benefits are affected by unemployment benefits, and if so, how much this benefit can be reduced ... Read Answer >>
  5. How does the U.S. Bureau of Labor Statistics calculate the unemployment rate published ...

    Understand the process used by the U.S. Bureau of Labor Statistics to determine the official unemployment rate for the United ... Read Answer >>
  6. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
Hot Definitions
  1. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
  2. GBP

    The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories ...
  3. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  4. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  5. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  6. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
Trading Center