Inflation Protection Bonus (MORE Info)

Inflation Protection Bonus

 

In order to receive the Dec 14 2023, $2000 Inflation Protection Bonus, you must have performed work, have been paid wages in 2023 from being in the plant.  SUB, IMP, S&A. EDB, Vacation time does not count as paid wages.

Basically, provided you swiped in at least one day you will receive the $2000 Inflation Protection Bonus.

Those that retired in 2023 are still eligible for the bonus, provided they earned wages in 2023.
Those that worked in Oshawa or Woodstock from our membership qualify for the bonus.

Members on Parental and/or Maternity leave do qualify you for the bonus, regardless of wages earned.

Service Canada & The Bonus

 We don’t anticipate many members being on IMP when the Bonus is paid. The Bonus counts as earnings for IMP in the week it is paid. You would report the Bonus in box 1 on your IMP form for the week ending Dec 9, 2023, which means you’d lose your IMP payment for that week. If you collect EI and there is an IMP allocation, we can take the allocation off and you will receive a full EI payment for that week.

If you are on an EI claim, you will need to report this bonus to Service Canada. When you do your report, you will report “YES” in “other monies” and Service Canada will need to be notified to have your report cleared. The $2000 bonus will be applied to the week of December 3^rd to the 9^th, 2023 on your report. It is to be reported as “An Inflation Protection Bonus”.

If you are on full SUB, you do not have to report the bonus, as you are not required to do reports on full SUB.

You will still receive your EI &/or SUB payment for the week of Dec 3^rd, 2023.