I'm having trouble with question 1 in terms of costing out the data from the packages. Ive finished question 2 and 3 as exhibit 9.10 and 9.11 were helpful. If anyone can explain how I can cost out these packages, that'd be greatly appreciated.
Cost out these packages given the data in Exhibits 9.9 and 9.10 and the information obtained from various insurance carriers and other information sources (Exhibit 9.12).
9.9
9.10
9.12
Average yearly wage $36,769 Average hourly wage $ 17.68 Dollar value of yearly benefits, per employee $12.923 Total compensation (wages plus benefits) $49,769 Daily average number of hours paid 8 Average Employer Cost/Employ/Your Bonoflts 1. Legally required benefits $ 3,549 a. Canada Pension Plan $ 1,647 b. Employment Insurance $ 968 c. Workers' Compensation $ 934 2. Pension, group insurance, disability $ 3,446 a. Pension plan contributions $ 2.460 b. Group insurance (life, health, dental) $ 523 c. Short-term disability $ 83 d. Long-term disability $ 129 $ 127 e. Discounts on goods and services purchased from company by employees $ 124 f. Miscellaneous payments (termination pay allowances, moving expenses, etc.) 3. Payments for time not worked $ 3,324 a. Paid vacations (16 days average) $ 1,558 b. Paid statutory holidays (9 days) $ 973 $ 727 c. Paid rest periods, lunch periods, wash-up time, clothes-change time, get-ready time, etc. (60 minutes) d. Payments for jury/witness duty, voting time, leave for bereavement, or other personal reasons $ 66 4 Other items $ 2,681 a. Contributions to employee savings plan $ 1,064 b. Tuition reimbursement plan (50%) $ 804 C. EAP $ 687 $ 126 d. Special wage payments ordered by courts, payments to union stewards, etc. Total $13.000 BENEFIT TYPE OR METHOD OF ADMINISTERING IMPORTANCE TO WORKERS Pensions 87 Healthcare plan 86 Holidays 79 Paid vacation 82 Life insurance 82 Long-term disability 72 69 Short-term disability Paid rest periods, lunch breaks, etc. 55 Dental plan 51 Profit sharing 21 Contributions to savings plan 15 Discount on goods 5 Fair treatment in administration 100 COST-SAVING STRATEGY SAVINGS AS % OF BENEFIT COST Deductible ($50 annually): Healthcare plan 10 Dental plan 15 Require probationary period before eligible (one year): . Discount on goods and services 10 . Contributions to employee savings plan 10 Improved claims processing: Short-term disability 20 Long-term disability 5 Coordination with legally required benefits: Integrate CPP with Lightning Industries pension plan U1 . Average yearly wage $36,769 Average hourly wage $ 17.68 Dollar value of yearly benefits, per employee $12.923 Total compensation (wages plus benefits) $49,769 Daily average number of hours paid 8 Average Employer Cost/Employ/Your Bonoflts 1. Legally required benefits $ 3,549 a. Canada Pension Plan $ 1,647 b. Employment Insurance $ 968 c. Workers' Compensation $ 934 2. Pension, group insurance, disability $ 3,446 a. Pension plan contributions $ 2.460 b. Group insurance (life, health, dental) $ 523 c. Short-term disability $ 83 d. Long-term disability $ 129 $ 127 e. Discounts on goods and services purchased from company by employees $ 124 f. Miscellaneous payments (termination pay allowances, moving expenses, etc.) 3. Payments for time not worked $ 3,324 a. Paid vacations (16 days average) $ 1,558 b. Paid statutory holidays (9 days) $ 973 $ 727 c. Paid rest periods, lunch periods, wash-up time, clothes-change time, get-ready time, etc. (60 minutes) d. Payments for jury/witness duty, voting time, leave for bereavement, or other personal reasons $ 66 4 Other items $ 2,681 a. Contributions to employee savings plan $ 1,064 b. Tuition reimbursement plan (50%) $ 804 C. EAP $ 687 $ 126 d. Special wage payments ordered by courts, payments to union stewards, etc. Total $13.000 BENEFIT TYPE OR METHOD OF ADMINISTERING IMPORTANCE TO WORKERS Pensions 87 Healthcare plan 86 Holidays 79 Paid vacation 82 Life insurance 82 Long-term disability 72 69 Short-term disability Paid rest periods, lunch breaks, etc. 55 Dental plan 51 Profit sharing 21 Contributions to savings plan 15 Discount on goods 5 Fair treatment in administration 100 COST-SAVING STRATEGY SAVINGS AS % OF BENEFIT COST Deductible ($50 annually): Healthcare plan 10 Dental plan 15 Require probationary period before eligible (one year): . Discount on goods and services 10 . Contributions to employee savings plan 10 Improved claims processing: Short-term disability 20 Long-term disability 5 Coordination with legally required benefits: Integrate CPP with Lightning Industries pension plan U1
