A new idea from AIMS would create a modern employment insurance system that meets the needs of workers and employers.
Here’s how the new system would work:
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Payroll deductions would go into an individual Personal Security Account for each worker.
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Individuals who lose work could draw benefits under a single national standard, provided they had contributed for a minimum period.
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At retirement, workers would withdraw their savings to either add to their pension or to spend as they wish.
The system encourages people to find longer-term work because they are spending their own money whenever they draw benefits. Personal Security Accounts would promote productivity and flexibility and end a system that doesn’t work for Atlantic Canadians.