Canadians are expected to witness a decrease in their salaries during the current month due to some adjustments and changes that will occur in the retirement and work insurance plan.

The insurance premium rates had increased starting from early January 2024 to $1.66 per $100 USD for employees instead of $1.63, and instead of $2.28, it will be $2.32 per $100 for companies.

Employees pay until they reach the income limit, which is known as the maximum insurable earnings income.

While it will rise during the year 2024 from $16,500 to $63,200 during the year 2023, meaning that the maximum annual EI will increase by $1.46877 instead of $65.34 for each employee.

On the other hand, regarding the retirement plan, an annual cap of 5.95% must be paid.

The maximum contribution will reach $386,750.

According to what the federal government stated, the maximum earnings subject to the pension will reach $68,500 USD.