Determining The Cost Per Hour Difference Between A Minimum...

Introduction The purpose of this report is to determine the cost per hour difference between a minimum wage employee working 40 hours per week for 52 weeks located in Cornwall, Ontario and Pittsburgh Pennsylvania. The result of this report will be used for the establishment of a new distribution centre. All the elements of employee’s salary in the city of Cornwall and Pittsburgh will be covered in this report. The report will make the use of exchange rate for comparing the difference in wages in two countries now and after the completion of 5 yrs. An employee working anywhere across the globe, the employer is required to offer certain benefits to the employee for his economic and social welfare. The report will be covering all those†¦show more content†¦The currency exchange rate has to be considered when the decision is based on cost figures of from two countries with different currencies. The Consumer Price Index (CPI) used to calculate inflation rate in a country has to be used in forecasting the future minimum wages as minimum wages are in proportion with the inflation rate. Discussion and Analysis Structure of Payroll in Cornwall, Ontario 1. Minimum Wage The minimum wage rate in Ontario is $11.60 per hour for 2017 and the minimum wage rates are subject to annual indexation based on the inflation rate as per the Government of Ontario website. Since, Inflation rate is measured through Consumer price index so, by taking the CPI data of 10 years we have forecasted the CPI of 2022. As per the CPI the forecasted minimum wage of 2022 is estimated at $12.51 per hour. 2. Health care costs The employer health tax (EHT) is a payroll tax on remuneration paid to former employees and employees. The EHT rate varies from 0.98% to 1.95% of the wages depending upon the total payroll of the Ontario employer. 3. Employment Insurance The federal government directs the employer to deduct the employment insurance (EI) premium out of the employee’s insurable earnings on a condition that the employee must be in insurable employment. The employer also has to make the contribution of 1.4 times the amount deducted fromShow MoreRelatedAns1A Essay1015 Words   |  5 Pagesthat the wages of young high school graduates fell. In what sense has the true â€Å"cost† of a college education been changed by this development. Other things equal, if wages of young high school graduates decline, the potential alternative use of time spent studying in higher education†¦namely, working with only a high school education†¦has relatively less value. Therefore, the opportunity cost of student study time measured in foregone wages is lower. Assuming no change in the explicit costs of higherRead MoreMinimum Wage And The Labor Act Of 19382220 Words   |  9 PagesThis research paper will be addressing minimum wage and the comparison and correlation of it from when it was first instituted through the Fair Labor Act of 1938 to now in 2015. This paper will also go into the inequality of pay concerning women as well. Some factors that I’m focusing on are instances that have affected minimum wage, firstly the affect that unions had in guaranteeing the continuing rise of minimum wage along with inflation until it began to stagnate in the 1970s, which seemed toRead MoreWage and Salary Administration6872 W ords   |  28 PagesWages and Salary Administration Present by, Mosammat Rasheda Khanom Lipa Contents page no. 1.0. Introduction 1 2.0. What is wages and salaries 1 2.1. Difference between wage and salary 1-2 3.0. Wage and salary administration 2 3.1. Nature and purpose of wage and salary administration 2-3 3Read MoreCvp Analysis Snap Fitness1510 Words   |  7 Pagesidentify the estimation of Snap Fitness’ start-up and variable costs with the inclusion of a cost-volume-profit analysis, the measures needed to achieve net income, its various variable costs, and an analysis on why opening a franchise with Snap Fitness would be a good idea. Estimation of Snap Fitness’ Start-up and Variable Costs (Section A) In determining what Snap Fitness estimated variables are, one needs to look at the monthly fixed costs. Currently, each location of Snap Fitness spends $4,000 inRead MoreMinimum Wage For The State Of California2115 Words   |  9 Pagesis defined as minimum wage. Though every state has its own specific rate at which to pay its employees, some margins between states differ more than others. In the state of California the minimum wage is $10 per hour, for now that is. Government officials that take into account many factors regarding the health of the economy now and in the future determine this rate. For many people of the state that living wage is still not enough. So today the public has voted that the minimum wage should be increasedRead MoreLabour Economics6478 Words   |  26 Pagesmanpower is applied and utilized in modern society. It is concerned of natural resources in the land†. Scope of Labour Economics:Labour economics has to deal with may be stated as manpower pla nning, labour organization, labour relations and public policy wage and employment theory, collective bargaining theory and practice of social security and welfare etc. According to Dr. G.P.Sinha, the following areas of study may be listed to fall under the preview of labour economics:I. Institutional framework ofRead MoreProblems on Cost Accounting70221 Words   |  281 PagesStudy Material INTEGRATED PROFESSIONAL COMPETENCE COURSE Cost Accounting and Financial Management Part 1 : Cost Accounting Vol. I The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi PAPER 3 COST ACCOUNTING AND FINANCIAL MANAGEMENT Part – 1 : Cost Accounting VOLUME – I BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA This study material has been prepared by the faculty of the Board of Studies. The objective of theRead MoreShould There Be A Minimum Wage?3645 Words   |  15 PagesThere Be A Minimum Wage? In today’s times, there is a lot of debate going on about the wages of workers all around the nation. The major question is: Should there be a minimum wage salary that a person can earn? Securing employment is not easy to do in the U.S. at this time, and the rate of compensation is low. When people are paid little to nothing to work an eight hour shift, they get angry because it does not provide enough for them and their families. People who are paid minimum wage fall intoRead MoreStandard Costing4521 Words   |  19 Pagesemploy predetermined costs for valuing inventory and for charging material, resource, overhead, period close, and job close and schedule complete transactions. Differences between standard costs and actual costs are recorded as variances. Manufacturing industries typically use standard costing. Costs of items can be shared across organizations using standard costing. A note on the same has been provided in this paper. An attempt has been made to understand the way in which costs are built up for aRead MoreRisk Management Plan For A Company1333 Words   |  6 Pageswe will build our product and there are number of risks involved. Some of these risk plans that I will discuss are the ways we will be managing risks in our company. We can reduce the likelihood of a manufacturing accident by lowering the number of hours an employee’s work because of fatigue. This can ensure that employees are focused on their jobs and not getting distracted. Another prevention method could be moving dangerous equipment’s to a different side of the factory where special safety precautions