Payroll Reporter
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www.payroll-reporter.com
November 2017
Is cryptocurrency in payroll's future?
Technological advancements
could see option go mainstream
BY SHEILA BRAWN
WOULD YOU like your pay in dollars or in a crypto-
currency like bitcoin?
While most employers today are not asking their
employees that question, it could be commonplace
one day. As the world increasingly moves online,
some think cryptocurrencies could eventually be-
come a mainstream way to pay employees.
At Shakepay, that is already happening. The Mon-
treal-based company, which offers a Visa debit card
enabling cardholders to load and spend bitcoin, gives
its employees the option to receive a percentage of
their salary in the cryptocurrency of their choice.
"Whenever we do payroll, if someone wants to
receive some crypto, they can," said Shakepay co-
founder Jean Amiouny. "It could be bitcoin, ethere-
um, dash or any of the other cryptocurrencies."
Cryptocurrencies are essentially digital or vir-
tual currencies. They exist online and not in coin or
see ROUNDUP page 7
PM
#40065782
Legislative Roundup
Changes in payroll laws and regulations
from across Canada
see BUMP page 6
Credit:
GeniusKp/Shutterstock
EI premiums
rising in 2018
Ahead of rate change, business groups
are calling for breaks for employers
BY SHEILA BRAWN
WITH EMPLOYMENT insurance (EI) premium rates rising next year,
some business groups are again calling on the federal government to
implement measures to reduce employers' EI costs.
In September, the Canada Employment Insurance Commission
(CEIC) announced that employee EI premium rates would ri se from
$1.63 per $100 of insurable earnings to $1.66 in 2018 for workers
outside of Quebec. For employees in Quebec, the rate will go up
from $1.27 to $1.30. (The rates for Quebec are lower because Que-
bec administers its own parental insurance plan, financed by work-
ers and employers in the province.)
British Columbia
Province names trio
to Fair Wages Commission
British Columbia has launched a three-member commission to di-
rect the province on how to raise the minimum wage to $15. Labour
Minister Harry Bains officially announced the Fair Wages Commis-
sion on Oct. 5.
The commission, which will function at an arm's length to gov-
ernment, is tasked with putting forward a plan to raise the minimum
wage to $15 an hour and making recommendations to address the
discrepancy between the minimum wage and living wages. Mem-
bers will also be considering and making recommendations around
other wage rates under the Employment Standards Regulation.
see BITCOIN page 2
News in Brief pg. 4
EI premium reduction program rates
announced | Many Canadians not saving
enough: Survey | Feds offering hiring
incentives for Phoenix
Ask an Expert pg. 5
Saturday work may trigger
overtime| Completing an
ROE for commission
employees
Change ahead pg. 3
Ontario WSIB board
to implement new
rate-setting structure
in 2020