Please be aware that the deductions being taken off are ‘normal’ deduction amounts. The $2000 Lump Sum payment will result in approximately an additional $140 being deducted from the weekly pay for CPP and EI contributions, even if you direct the bonus to RRSP.
If you typically take home around $950/wk you would take home approx. $800.
$2000 Lump Sum payment for eligible full time members will be paid out in December. Please be aware of the payment dates, December 10th or 17th depending on any layoffs.
The Company memo is attached.
Any full time member hired after the 2017 ratification will receive $1000.
Please remember; if you have not reached your CPP and/or EI maximums, those deductions will come off your cash earnings in the week of the Bonus payment, regardless of electing Bonus to RRSP or taking the payout. This could potentially reduce your take home pay significantly for that week.Memo - Hourly Lump Sum Bonus Payment 2020