A mandatory government-sponsored insurance plan funded by employee and employer that offsets lost income to eligible employees for reasons of job loss,illness,or compassionate leave,and that provides maternity and parental benefits and a variety of other employment initiatives is known as

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Employment Insurance is a mandatory insurance plan in Canada that provides income replacement for eligible employees in the event of job loss, illness, or compassionate leave. It is funded by contributions from both the employee and employer, and also provides maternity and parental benefits and various employment initiatives. Short-term and long-term disability plans, as well as workers' compensation, are separate insurance programs with different eligibility requirements and coverage.

A Mandatory Government-Sponsored Insurance Plan Funded by Employee and Employer