Sisters and Brothers,
CMBC has asked the union to forward the information below to all members.
As a follow up to Tuesday’s email regarding pay reconciliation, we can now confirm that the final pay for 2020 (Pay Period 27) will be reconciled and paid by Monday, January 11. This covers the pay advance processed on December 31 and represents the period from December 14 to 27.
If you were underpaid for this pay period,you will be receiving a direct deposit for the amount owed in your bank account by end of day Monday, January 11.
Note: If you were overpaid for either PP25 or PP26 and underpaid for this pay period, these overpayments will be recovered in this pay period. See the examples from our earlier communication.
If you were overpaid for this pay period, you will not receive any direct deposit and the amount of overpayment will be recovered in future pay periods. We will provide further information about the timing of the reconciliation for overpayments at a later date.
The reconciliation for Pay Period 27 includes EBP or Flex Time lump sums. However, AV differential payments still need to be addressed. Calculating and adjusting AV differential payments are complex and the priority was to process regular pay as quickly as possible. When an update is available, we will share with you immediately.
Pay for hours worked in 2020 pay periods that were reported to the Pay Department, other than AV differential, has been processed to be in effect in the 2020 tax year even if received in January 2021. For the most part, we anticipate there should be no impact to your 2020 taxes, and we will notify you if we are advised otherwise. We are on schedule to issue T4 slips for income tax purposes by February 28, 2021; they will reflect all amounts that normally would have been paid in 2020, other than AV differential.
In this extraordinary situation, some hours or earnings may not have been captured. These will be processed as “historical corrections” in 2021 in the same manner these kinds of corrections have been made in the past.
We know that many employees will not be able to check the reconciliations against their own circumstances without access to a pay advice (pay stub) that details their gross pay and deductions. We are still actively working on a solution to give employees access to their pay advices. This is a high priority and we will provide further details as soon as possible.
If you have any questions regarding your pay reconciliation, please contact firstname.lastname@example.org.
CMBC Employee Information Portal
As a reminder, prior communications and informational resources can be found on the CMBC Employee Information Portal (SharePoint Online site). We have also updated the FAQs with new questions and answers regarding credit monitoring.
Unifor Local 111