Archive for October 2014

Vacation and Holidays Pay: What Employees Need To Know

Businessman working at desk on the beachMost companies have different rules about vacation pay. However; some rules remain common to all companies across different countries. Often, new employees are unaware of the rules regarding vacations and holidays. So, in this guide, we will discuss the basics of vacation pay briefly so that every employee is aware of the basic facts.

Vacation pay: Who gets it?

Vacation and holiday pay is typically given to only those employees who have been employed with the company for at least 12 months. You also need to have worked for at least 90% of this time period. Some companies even tend to give vacation pay to people who have worked for even 5 days. Also, employees who have worked for consecutive 15 years or more for the same company tend to get several benefits in the form of paid 2 week vacations which may be taken as a single two-week vacation or two one-week vacations in the work year. Workers in Australia can get more information about vacation pay from their payroll service Australia. Many employers also mention holiday pay rates in the advertisement they make for the job post. Once a successful candidate has been offered the job, s/he can get all the details pertaining to this topic.

Where else is holiday and vacation pay mentioned?

The written contract between the company and the employee states the same. Some employers also tend to give written particulars to their employees regarding the vacation or holiday pay as well.

What constitute typical holidays?

Public holidays of a country are also mentioned in the contract. These include common festival holidays, bank holidays, and common law holidays. If Christmas and New Year’s fall on weekends, alternate days may be declared as holidays.

When can an employee ask for his/her vacation pay?

Most employers give the vacation pay to their workers one day before the latter leave on vacation. Some companies tend to pay it in every pay period but this has to be indicated by payroll and advised to the employer.

Calculating vacation pay

Usually, in most countries, vacation pay is calculated at 4% of the total wages, which are the gross wages with commissions and extras including overtime pay and so on. For employees who have been consecutively employed for more than 15 years with the same company, the pay may be calculated at 6% of the gross wages.

Deductions on vacation pay

Most commonly applicable deductions on normal pay are also available on vacation pay such as income tax, employment insurance premium, pension/401 K plans etc.

Taking and applying for vacation

It is every employee’s right to apply for vacation provided s/he gives a notice well in advance. Usually, most employers give a minimum leave period: in some cases it is twice as long as the period of actual vacation. Thus, if you are planning to go on 1 week leave, give a notice period at least 2 weeks in advance.

Employers’ restrictions

Sometimes, employers may impose restrictions on the leave taken. They may, for example, nominate certain days of the year as closure where the employers have to take their annual leave. They can also impose limits on the maximum number of leaves one can take and also periods when the leave may be taken. Sometimes, though rare, drastic measures may lead the employer to cancel an employee’s leave, but s/he might want to compensate for it through monetary means.

Don’t Forget to Pack the Stun Gun

In providing for the safety of those who live in a society, there are a number of measures that are taken and implemented. Some of those measures include laws, a police force and a court system. Additionally, other security and safety measures include alarm systems, surveillance systems and personal safety devices.

Some of those personal safety measures include pepper spray, mace, animal repellant products, self defense course, etc.

Additionally, another popular item is a stun gun. If considering the purchase of a stun gun, such as the guard dog diablo II stun gun, it is important to research the use of this self-defense product, its legality based on ytravelour geographical location and travel destination and what features you may wish to have the gun equipped with.

When considering the purchase of a stun gun it is important to understand how the unit works.

If considering the purchase of a stun gun it is important to understand that even though this device is designed for self defense it can, nevertheless, be considered a weapon. Therefore, if wishing to purchase a stun gun and pack this stun gun when going on trips, it is important to know what the laws are in the area in which you reside and are about to travel to.

Understanding all of this, it is also critical to know how a stun gun operates. First of all, the stun gun is non-lethal, but delivers a large electrical charge to the body at low amperage. Consequently, the action of the stun gun is to temporarily paralyze the individual. This is accomplished because it disrupts the electrical charges being delivered by the central nervous system within a person’s body. Subsequently, with the attacker being temporarily paralyzed, this gives time for the individual to further incapacitate the individual or seek help.

Of equal importance in knowing about a stun gun, it is how to operate such a self-defense weapon? Therefore, it would be important to receive training in the use of a stun gun. This is critical because an individual owning such a device does not want to hurt anybody else other than the person for whom it is intended to be used on and not hurt themselves in the process as well. In addition, a self-defense course may be indicated as it will teach the individual owning a stun gun on when it should be fired, how it should be fired, and how many times.

A good resource to find out about this product and its use would be one’s local police department. They may even offer a class or provide a list of all five trainers.

In addition to delivering a high-voltage charge, there are many stun guns that come with various accessories. Some of those accessories could be a quality flashlight utilizing brilliant LEDs. This may be a useful accessory because of violent interactions occurring after hours as well as the stun gun being stored in one’s vehicle. Other accessories include a charger for the home and one that may come with a mobile charger.

Retirement Planning in Terrace BC: Take Control of your Financial Future!

retirement-23Taking control of your financial future may seem an impossible and a hard task, but you can create a comfortable future for yourself and family. With a little help from your financial advisor and some knowledge about investments, you will be able to setup your own financial plan and ultimately prepare for a rewarding retirement.

There are different types of retirement plans available for Canadians, including individual savings, employer-sponsored and government-sponsored retirement income, and social security benefit plans. These retirement plans have their own unique advantages and disadvantages, and it’s up to you to determine which one of these retirement options fits your goal and retiring needs.

1. Canada Pension Plan (CPP)
The Canada Pension Plan is a government-sponsored program that is funded by you and your employer’s contributions. It is roughly similar to the U.S. Social Security program where the amount of benefits received is based on how much you contributed over your work lifetime. Withdrawal benefits can be taken upon retirement or disability, and are considered taxable income.

2. Tax-Free Savings Account (TFSA)
The Tax-Free Savings Account is a type of investment option available for Canadians who want to save. This is quite similar to U.S. Roth IRA whereby residents over the age of 18 can contribute to a maximum of $5,500 annually. If the maximum contribution is not reached in a given year, the unused room can be carried forward to the following year. Unlike the Canada Pension Plan, the TFSA allows the recipients to withdraw their fund at any time, tax-free.

3. Registered Retirement Savings Plan (RRSP)
The Registered Retirement Savings Plan is a type of savings and investment plan that is similar to self-managed super fund (SMSF) used in Australia and Individual Retirement Account (IRA) used in the U.S. You can contribute up to 18 percent of your income annually into your RRSP account until the age of 71. You can withdraw money from your account at any time, but withdrawals are considered as taxable income.

4. Registered Pension Plan (RPP)
The registered Pension Plan is an employer-sponsored retirement plan that is fairly similar to 401k used in the U.S. In this type of plan, you as the employee and your employer, or just your employer make contributions to your retirement account until you retire or leave the company. Contributions to RRPs are tax-deferred until withdrawn.

5. Old Age Security (OAS)
The Old Age Security is a government-sponsored program that is available for eligible Canadian citizens 65 years of age and older. It is funded out of the general revenues of the Canadian Government, which means that you do not make contributions into it directly. You get OAS pension payment just for being a senior citizen. But to receive your benefits, you must apply to the Department of Human Resources and Skills Development Canada (HRSDC) and meet their Canadian legal status and residence requirements. Benefits include Old Age Security pension, Guaranteed Income Supplement (GIS), and allowances.

Whatever type of retirement plan you choose, some basic rules should be applied: start now! Do not wait until you reach the age of 40 or 50 to begin planning. Even if you do not make enough contributions, it is still important to have an account and put some into it. Remember, even small amounts can add up over time. There’s no need for you to have the highest salary to create a financial freedom. If you do not know how to start, talk to your financial advisor and read some good books about finances.