Canadian Labor Market Research Paper

Published: 2021-07-06 06:30:15
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Category: Business and Finance

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Executive SummaryThe statistics and the information about the project have to be taken from the Canada’s constitution that comprises of the ten provinces as well three territories. The Federal legislation is something that has granted them this power. So all these aspects are needed to be kept in mind when any cost or wage difference that is going to be witnessed in these cases. The age demographics though are one of the areas where one can see considerable improvement in the said time period. 60 % of the total population is between the age gap of 15 to 24 years and the large section of these people tends to live with their family most of the times.Supply ChainOne of the key things that are needed to be looked at during the whole exercise is to make sure that how the wage rates are going to vary as per the different time zones. At the same time, the other thing that should be talked about is that how in the long run it can be made sure that better cost management of the premises is carried out so that the future considerations as per which the project is designed can be taken care off at an appropriate level.Minimum Wage Rate in CanadaBefore proceeding further, it would be interesting to have a look at the way wage rate changes in Canada and what are some of the contributing factors that should be measured before the difference of the cost per hour can be worked out.The other thing that has to be kept in mind is the way differences are witnessed among several states. To make sure that there is a certain level of standard that is being followed at a certain level.Expected Wage Rate ChangesWhen determining the minimum wages per cost, the other aspect that has to be kept in mind is that how the expected changes in the wage rate are going to roll out. For instance, keeping in mind the minimum wage rate count, the example of Alberta comes to mind where there are some estimates that the minimum wage rate is going to be as high as $ 1.40 to $13.60 per hour in the upcoming year. At the same time, the increase in the wage rate is much less pronounced when one talks about the rise in the overall power level at a given time period.Important Trends in the Canadian Labor MarketOne of the key issues that are witnessed at the moment in Canada is that the wage rates are becoming more and more controversial with the passage of time. As there are low wage rates as well as the benefits also undermined, the labor situation in the country calls for an overhaul and there is a likelihood that the new policy changes are going to have an adverse impact on the overall wage rate. The other thing that is needed to be taken into perspective is that how in most of the countries, the wage rate is simply not enough to make sure that the cost of the living is not being compromised at the given time period. In the near future, there is all the likelihood that the possibility of the living wage is going to be introduced. That would mean that the minimum wage across the Canadian is going to be around $ 15.00 per hour. This effect is eventually going to be reflected in the way employer profit making ability is going to be carried out. What it is going to do that how the workers who are living in this country are going to have higher dollars to make sure that the purchase of the goods and the services can be carried out in the right manner.Coverage from the Minimum Wage LawsThere are millions of workers that are living in Canada who are not being covered under the minimum wage laws for that country. Thus during the course of the paper, that how these things are going to be taken care off in the given time period. There is broader level of initiatives that are needed to be taken and the pretext has to be given with regards to the way precarious employment is supposed to be carried out. Factors Related to the Wage PaidThe key determinant that is needed to be looked are the factors that are going to be eventually having an impact on the level of the salaries and the wages that are supposed to be provided to the employees. The long term perspective that has to be kept in mind is the way human resource and the personnel management is going to be carried out. The higher bargaining power that they have their disposal, the greater is the likelihood that they would be able to get something better out of the deal that is eventually going to benefit all the stakeholders. In this passage, some of the factors that are going to affect the salary and wage structure other than the basic and the minimum wage are going to be looked at.Government LegislationWhen one talks about the improvement in the working conditions, the government might come up with the minimum wage that is required to get ahead with the business. That means that there is all the likelihood that the minimum wage and ceiling both can be implemented by the government. It eventually means that the charges that go into the salary would be determined by the legislations initiated by the government.Canadian Pension PlanOne of the things that are really separate Canada from some of the other economies is the fact that how the Canada Pension plan is working out in the region. The main difference is that rather than adding some sort disbursement towards the employee’s salary as is the case with some of the other plans, what really differentiates this plan from some of the other plans is that how it works in the form of the earning related social insurance program. As a matter of fact, it along with the OAS scheme is one of the major mainstays of the way retirement income system is supposed to work in the country. Whenever the determination of the wage rate and other corresponding calculation is going to be carried out, the functionality of the Canada Pension plan is one of the key things that are going to be taken into reckoning.Calculation  Prevailing Wage Rate   ItemRegular TimeOvertimeDouble TimeNotes     Base Labor Rate$ 37.40$ 56.10$ 74.80Use certified payroll to verify.      Fringe Benefits:     Pension 15.655.655.65  Health/Welfare 110.4010.4010.40  Training/Certification 10.700.700.70  Vacation/Holiday 1–––  Other0.410.410.41  Fringe Benefits Subtotal$ 17.16$ 17.16$ 17.16        Total PW Hourly Rate$ 54.56$ 73.26$ 91.96= Base Labor Rate + Benefits Paid + Benefits Provided Benefits Paid$ 11.10$ 11.10$ 11.10  Total Paid Hourly Rate$ 48.50$ 67.20$ 85.90= Base Labor Rate + Benefits Paid       Burden: Taxes & Insurance 2     FICA3.014.175.33  Medicare0.700.971.25  Federal Unemployment0.390.540.69  California Unemployment–––Maximum – 0.062.Workers Compensation 1–––Usually less than 11%; can request policy. Other 1–––  Other 1–––  Burden Subtotal$ 4.10$ 5.68$ 7.26        Contractor Liability InsuranceN/AN/AN/AIncluded in OH&P per CGC      Small ToolsN/AN/AN/AIncluded in OH&P per CGC      Other (warranty, record drawings,N/AN/AN/AIncluded in OH&P per CGCpayment bonds, performance bonds, etc.)          TOTAL HOURLY RATE (Total Hourly Rate + Burden) $ 58.66 $ 78.94 $ 99.22 = Amount Contractor paid to employeeConclusionEven though it is not one of the major cost considerations, the important fact that has to be kept in mind is that how in the long run the cost implications are going to shape up for it. Thus the impact of the society security and the health insurance tax premium is also needed to be taken into consideration.

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