The company appreciates the enlightening and clear report on the requirements and remittances in relation to adoption of the group RRSP from the office of the Payroll Supervisor. The implementation of Group RRSP prompts the revision of payroll supervisors responsibilities per se. As a result of this, the human resources budget on wage bill should be reviewed to avoid fines and penalties based on the adoption of the new plan. Since the company has already made the group RRSP policy, it is imperative to have adequate resources and sensitization in order to effectively roll out the plan.
To be viable for registration to operate the plan, the company must be a going concern, has no intent to cancel or lose its permanent employees nor an intention to cease to meet its statutory remittances in relation to revenue Quebec provisions. The company qualifies other preliminary requirements such as fit computer systems to run the online Revenue Quebec profile. The IT department is to review and maintain the computer systems to meet the requirements inter alia, since Revenue Quebec is mainly running online.
The statutory requirements in relation to group RSSP calls for immediate adjustment of the payroll system. The responsibility of withholding of income arises, which prompt the above named payroll changes. The salary bill of the company is significantly deemed to inflate, considering the matching employer contribution of up to 3%. The plan is sustainable at low levels of workforce. We are the typical firm to enjoy such benefits since with the high employee turnover, the Group plan is favourable to the firm as it curbs high turn over rates because the plan is a non-conventionally pay rise of up to 3%, increaseing tax shield.
Employees are ever in endless search for better compensation. Considering the importance of a highly skilled and reliable workforce to every competing firm in any typical industry, Group RRSP is an essential competition tool to secure the services of our important workforce. The human resource expenses, in the long run may be reduced using this plan, if we comply fully to the statutory requirements of this plan. The turnover expenses of hiring and coping with shortages has been adverse; Group RRSP is expected to resolve this menace by significantly reducing the costs to reasonable levels.
This plan is organisational customised. The relevant stakeholders to the plan - the employees and the companys management- have to set up the memorandum of understanding to standardize the terms and express their mutual consent to the plan. In the industry the restricted Access group RRSP is notably popular because of its remarkable union relations popularity and its benefits of deferred taxes. Also the plan is an effective technique of improving the investors savings for retirement.
Every company faces risks associated with human resource. This company considers the Group RSSP as an effective risk hedging tool. Some competitors in this industry have already adopted the plan, and it is prudent to match up before it is too late. The company is committed to comply with the requirements of this plan and the regular annual filling as advised by the Payroll Supervisor inter alia.
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