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:
Payroll deductions would go into an individual Personal Security Account for each worker.
Individuals who lose work could draw benefits under a single national standard, provided they had contributed for a minimum period.
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.