A Free Guide to Work Sharing Program

by | Jun 3, 2022

What are the benefits of a work-sharing programme for your business? Glad you checked! Work-sharing programmes give employers the power to boost employee productivity, prevent staff members from leaving, and save money by keeping your current employees on board. Therefore, if you still feel the need to learn more, you can read a free guide to Yogi & Associates‘ work-sharing programme. Our staff of accountants has discussed ways for your Mississauga-based company to reduce costs, keep employees at their employment, and maintain productivity levels so you can do both.

Therefore, work-sharing programmes can be a terrific choice to consider if you’re interested in saving money. No matter what kind of business you have, you may save money for it with the aid of this programme.

1. What Work-Sharing Program Actually is?

The Work Sharing programme was launched by the Canadian government during the Covid-19 pandemic. When there is a lock down at a corporation, this work sharing scheme is intended to help both employees and employers.

Note: Work Sharing Program promotes enrollment in the Employment Insurance Program and works to prevent layoffs.

work sharing program

2. How Does This Program Work?

A three-way arrangement between a company, employees, and service Canada is referred to as a work-sharing programme. With this programme, qualifying employees who agree to cut their work hours from a minimum of 10% (one half-day) to a maximum of 60% may get financial support (3 days). If accepted, qualified employees can be entitled to up to 20 weeks of benefits if they accept if they give up 84.1% or more of their usual working hours, including any call time, part-time pay, or unpaid time off.

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

If you want to study about the employment insurance benefits, you can look into our article by clicking The ultimate guide to employment insurance.

3. Six Stratergies of Being An Eligible Employer:

You can be an eligible employer 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 organisation for at least a year are employed by it.
  • Your staff members are prepared to work less hours and are qualified 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 consent to offering your employees an unending array of perks, such as health insurance, pensions, paid time off, and group disability, but you insist that these benefits should be based on earnings and less hours worked.
work sharing program

4. Three Situations of Being An Eligible Employee:

The conditions for the employees to get eligible for the WS program are:

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

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

5. Five Steps To Apply For The WS Program:

  • The application must be submitted 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.
  • A list of all participating staff in this program should also be given with the application form.
  • After the aprroval of the application, the agreement must be signed within 60 days of the approval date.
work sharing program

6. Wrapping it up!

Work-sharing benefits are designed to help businesses deal with the negative impact of the pandemic and ease demand for their products and services. Companies participating in these programs can save themselves from relocating or staff reductions due to poor business conditions. That’s why our accountants can help you understand this program and determine whether your company qualifies for it. So, let Yogi & Associates help your company get approved for the work-sharing program and avail this benefit that will save itself from its downward spiral.

Get in touch with Yogi & Associates!