Employee required contributions to HOOPP are made by payroll deduction and apply to the current year of service. It is your responsibility as a HOOPP employer to calculate, deduct and remit employee required contributions. If your organization uses an external payroll services provider, it might be helpful to supply that organization with the information contained in this section of the manual. If you or your payroll provider have any questions, contact HOOPP.
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Factor 3: Year’s Maximum Pensionable Earnings (YMPE)
The YMPE is set each year by the federal government based on the average wage in Canada.
YEAR | YMPE |
|---|---|
2024 | $68,500 |
2023 | $66,600 |
2022 | $64,900 |
2021 | $61,600 |
2020 | $58,700 |
2019 | $57,400 |
2018 | $55,900 |
2017 | $55,300 |
Factor 4: Employee Contribution Rates
HOOPP uses a two-tier contribution rate. Calculate member contributions using the following formula:
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