Work Sharing Program: A 2022 Important Guide

by | Jun 3, 2022

Do you like to make more money? If yes, then we invite you to consider Work Sharing Program. Work sharing schemes are a common way of reducing staff costs and motivating employees. But how can you do this when your payroll and caproate tax is in disarray? There’s a better way; that’s where our Mississauga-based company YOGI & ASSOCIATEScomes in. 

We can provide you various solutions by assisting in reducing costs and keeping your employees on board. This guide delves into the benefits of using such a system, including updating bookkeeping records, managing payroll, and saving money through increased productivity. You can also get our bookkeeping and payroll services if you need assistance.

1. What Work Sharing Program Actually is?

During the Covid-19 pandemic, the Canadian Government launched Work Sharing Program. This program allows employees to work from home when their workplace is locked down. This benefits employees and employers by enabling them to do their daily tasks more.

 

Note:

Work Sharing Program promotes enrollment in the Employment Insurance Program. It also works to prevent layoffs.

2. How Does The Work Sharing Program Work?

Employers, employees, and the state form a three-way partnership under the WS program. This arrangement may involve 100% or 50% of eligible employees. Employees select how they want to divide their workloads based on their preferences. They can receive up to 20 weeks of financial help if they agree to reduce their usual working hours (up to 60%). They can do this by volunteering at least one half-day per week, but this is optional.

“An investment in knowledge pays the best interest” –Benjamin Franklin.

If you want to study employment insurance benefits, you can see our article The ultimate guide to employment insurance.

3. Six Strategies of Being An Eligible Employer:

You can be an eligible employer for this program if you have these qualities:

  • You have been working for at least a year.
  • At least two full- or part-time permanent employees who have been a “cornerstone” of your organization for at least a year are employed by it.
  • Staff members can work fewer hours and are eligible for employment insurance benefits.
  • Because of the Covid-19 outbreak, your business is facing downtown.
  • Your company has lost roughly 10% of its revenue.
  • You offer your employees health insurance, pensions, paid time off, and group disability. But these benefits should be based on earnings and fewer hours worked.

4. Three Situations of Being An Eligible Employee:

The conditions for the employees to get eligible for the WS Program are as follows:

  • Employees have been a cornerstone of their company and have been there for almost a year.
  • Only those who are eligible for Employment Insurance Benefits get this benefit.
  • Employees who reduce their working hours between 10%-60% get this benefit.

‘Believe you can, and you’re halfway there-Theodore Roosevelt.

5. Five Steps To Apply For The Work Sharing Program:

  • You must apply at least 30 days before the intended start date.
  • The employer, as well as employees, can apply for this program with mutual agreement.
  • The employer must submit all the required information for the application form.
  • It would help if you also listed all participating staff in this program with the application form.
  • After the approval of the application, you must sign the agreement within 60 days.

6. Manage your Bookkeeping System:

Bookkeeping is the art of keeping a record of your business’ financial transactions. Proper bookkeeping practices can help sort your finances and see how they want to work in this WS program. So, it’s better to streamline your bookkeeping to manage your finances. If you’re unsure how to set up your books, you can get our bookkeeping services.

Wrapping it up!

Many businesses are competing with their suppliers amid the pandemic. In this situation, you must interact with your employees to ensure that your company continues operating as usual while their needs change. 

So, feel free to get in touch with Yogi & Associates! We can help your company get approved for the Work Sharing Program. Our bookkeeping services in Mississauga will save you from a dismal fate and provide a flexible and cost-effective solution.

Get in touch with Yogi & Associates!