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The effects of the global financial crisis resulted in many people losing their jobs, and their incomes, due to a shortage of work and the resulting mass layoffs.In times of financial hardship like these, Employment Insurance (EI) can provide temporary financial assistance to people while they look for work or while they upgrade their skills.In the past, this type of insurance coverage used to be called "unemployment insurance."
You may qualify for Employment Insurance temporary income support benefits if you meet any of the following criteria.
- An illness or injury prevents you from working.
- You're unable to work due to pregnancy.
- You've recently given birth and are caring for a newborn child.
- You're a mother or father caring for a newborn baby or adopted child.
- You lost your job through no fault of your own, are able to work, but can't find a job.
- You're taking time off work to care for a seriously ill family member who is at significant risk of dying.
There are also policies which provide insurance coverage for self-employed people.
For convenience, most insurance companies will deposit your Employment Insurance payments automatically into your nominated bank account.
EI is something you'll wish you had when you need it. Don't wait until then.
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