42 per cent of Canadians living paycheque to paycheque: Survey • Many people would accept reduced pay for ideal job: Survey • Only one-third of Canadians financially prepared for job loss • Ontario businesses want predictable minimum wage • New Brunswick reviewing workers’ compensation laws • Construction levy proposed to remain unchanged
42 per cent of Canadians living paycheque to paycheque: Survey
Toronto — Fewer Canadians are living paycheque to paycheque compared to last year, according to the Canadian Payroll Association (CPA).
If pay was delayed for even one week, 42 per cent of respondents indicated they would be in financial trouble. This is down from 47 per cent last year.
Beyond this improvement, the financial health of many employed Canadians remains “troubling,” the CPA says.
Forty per cent of employed Canadians are spending all — or more than — the net pay. The regions with the highest percentage of employees spending at these levels are as follows:
• Atlantic Canada — 53 per cent
• Manitoba — 47 per cent
• Saskatchewan — 42 per cent
• Ontario — 40 per cent.
Nearly one-half (45 per cent) of respondents are saving only five per cent or less of their net pay. Financial planning experts generally recommend a retirement savings rate of 10 per cent of net pay, said the CPA.
Many people would accept reduced pay for ideal job: Survey
Toronto — Compensation isn’t the single driving force for Canadians when evaluating a job opportunity, according to the What People Want 2013 report from Hays Canada.
Nearly three-quarters (71 per cent) would accept a reduction in pay for a new job opportunity that met benefits, career progression and company reputation expectations. Forty-three per cent are willing to take a 20 per cent reduction in base salary for an opportunity to potentially earn more through performance- based bonuses (assuming a base salary of $100, 000 with no bonus).
The organization surveyed more than 3,000 working and non-working people.
Only one-third of Canadians financially prepared for job loss
Toronto — More than two-thirds (68 per cent) of Canadians have had to rely on a rainy day fund to pay for an unexpected expense. However, the majority (58 per cent) did not have enough saved to cover the full cost of the emergency, according to a BMO survey.
One-half (51 per cent) of Canadians have less than $10,000 in savings to cover unexpected expenses, including 17 per cent who have less than $1,000. And only one-third (35 per cent) of those who were faced with job loss had sufficient savings to sustain them financially.
Fewer than one-half of those who have relied on their emergency savings for a major car or home repair could cover the entire cost (49 per cent and 47 per cent respectively), found the survey of 1,000 people.
Ontario businesses want predictable minimum wage
Toronto — Ontario businesses want the government to adopt a more predictable and transparent method of determining the minimum wage, the Ontario Chamber of Commerce (OCC) said.
A new report released by the OCC urges the government to develop a new process for determining the minimum wage that is linked to the consumer price index (CPI).
Linking changes to the minimum wage to the CPI would enable government to better relate minimum wage to changes in the cost of living, the study said.
At this point, the minimum wage in Ontario is determined on an ad hoc basis, and without any clearly defined criteria, the report said. Creating clearly defined criteria that are linked to the CPI would serve to create a more transparent process.
New Brunswick reviewing workers’ compensation laws
Fredericton — WorkSafeNB, along with the provincial government, have launched a three-year review of New Brunswick’s workers’ compensation laws.
The review will examine the Workers’ Compensation Act and the Workplace Health, Safety and Compensation Commission Act. It will have a number of stages, with the first one focusing on issues such as calculating benefits, the possibility of implementing a dispute resolution system and the role of the workers’ compensation appeals tribunal.
This is the first time in more than 20 years that the legislation will undergo such a wide-ranging review, according to Post-Secondary Education, Training and Labour Minister Danny Soucy.
Construction levy proposed to remain unchanged
Montreal — The levy that the Quebec construction commission imposes on employers and employees in the industry is proposed to remain unchanged for 2014.
In draft regulations published in the Quebec Gazette, the Commission de la construction du Québec stated that the levy for employers would remain at 0.75 of one per cent of the total remuneration paid to employees. The minimum amount an employer must pay would remain $10 per month.
The amount an employer is required to deduct from employees each week for their levy would also remain 0.75 of one per cent of their earnings.
Employers must send their remittances to the commission each month by the 15th of the following month.
