O. Reg. 714/93: FINANCIAL INFORMATION
under Social Contract Act, 1993, S.O. 1993, c. 5
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Social Contract Act, 1993
ONTARIO REGULATION 714/93
FINANCIAL INFORMATION
Consolidation Period: From March 10, 1994 to the e-Laws currency date.
Last amendment: 127/94.
Legislative History: 127/94.
This is the English version of a bilingual Regulation.
1. (1) The financial information to be made available to employees under subsection 27 (4) of the Act is as follows:
1. A statement of total revenue of the employer for its last complete financial year, including any money borrowed by the employer by way of loan, mortgage or other indebtedness.
2. A statement of projected total revenue of the employer for the current financial year, including any money borrowed by the employer by way of loan, mortgage or other indebtedness.
3. A statement of total expenses of the employer for its last complete financial year, including any amounts spent to repay a loan, mortgage or other indebtedness and specifying the total expenses attributable to salary or wages, including overtime, paid to employees and costs of other employment benefits paid to or on behalf of employees.
4. A statement of projected total expenses of the employer for the current financial year, including any amounts spent to repay a loan, mortgage or other indebtedness and specifying the total expenses attributable to salary or wages, including overtime, to be paid to employees and costs of other employment benefits to be paid to or on behalf of employees.
5. A statement of all funds that the employer has received from or provided to any foundation in the employer’s last complete financial year and the projected funds that the employer will receive from or provide to any foundation in the employer’s current financial year.
6. The expenditure reduction target or targets established under subsection 7 (1) or (2) or 38 (1) of the Act by the Minister for the employer.
7. The extent to which the program developed under section 27 of the Act achieves the expenditure reduction targets expressed as a percentage of the target and as an amount of money.
8. The number of employees who earn less than $30,000 annually, excluding overtime pay.
9. The number of employees whose total annual earnings, excluding overtime pay, for the period of time covered by the program will fall into the following ranges:
i. Under $30,000.
ii. $30,000 but not over $40,000.
iii. Over $40,000 but not over $50,000.
iv. Over $50,000 but not over $65,000.
v. Over $65,000 but not over $80,000.
vi. Over $80,000.
10. The extent that the total annual earnings, excluding overtime pay, of the employees in each range in paragraph 9 will decrease as a result of the implementation of the program, expressed as a percentage of the total reduction in total annual earnings, excluding overtime pay, for the employees of the employer. O. Reg. 714/93, s. 1 (1).
(2) If there is only one employee in any of the ranges specified in paragraph 9 of subsection (1), the range in which the employee is found may be combined with another range either immediately above or below it so that there are at least two employees in each range. O. Reg. 714/93, s. 1 (2).
(3) The statements required under paragraphs 1 to 5 shall be broken down so that each item mentioned in those paragraphs, including overtime pay, is listed separately. O. Reg. 714/93, s. 1 (3).
2. The employer shall take all reasonable steps to update the financial information in section 1 upon receipt of a timely objection made by an employee or bargaining agent who objects to the program or amended program developed by the employer under the Act. O. Reg. 714/93, s. 2.
3. For the purposes of the Act and this Regulation,
“employees” in subsection 27 (4) of the Act includes a person who was an employee at the time an objection to the program was made under subsection 29 (3) of the Act. O. Reg. 714/93, s. 3.