EI premium cut expected

An effort to stimulate hiring

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The Canadian Press

The Canadian Press

TORONTO – Finance Minister Joe Oliver is expected to announce that he will lower employment insurance premiums.

Oliver is holding a news conference today at 11 a.m EDT in Toronto at a flooring company, where he will announce measures to help small businesses.

The Globe and Mail newspaper has reported that the Harper government will make the EI premium announcement — effective Jan. 1, 2015 — is an effort to stimulate hiring.

The Globe quotes a senior government official as saying that the cut will be “significant” and will be called the Small Business Job Credit.

The federal government announced last year that it would freeze premiums for the next three years, saying that the program’s finances were improving.

Business groups have been calling for a cut, saying that higher premiums make it more difficult to hire new workers.

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