Transform your daily workflows and Protect Bonus Program

Aug 6th, 2022
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How to Protect Bonus Program

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[Music] Hello everyone this is Wayne Rivers at the Family Business Institute thanks for tuning in. Please click on our social media icons and follow us on YouTube so that you never, uh, miss an installment. This week I want to talk about the very best employee incentive program. So why am I bringing this up? Well our, our members are always struggling, theyre asking us, theyre asking each other, theyre looking to their other advisors and theyre struggling with how do we get our employees to do the right things at the right time? How do we increase their ability and and willingness to think like owners? And so theyre always casting about looking for the best incentive plan. So, I want to tell you about the very best incentive plan there is that we think weve stumbled on to it. Now this comes from our most recent boot camp class. So, just as Ive worn you out over the years with talking about our peer group program now Im going to wear you out talk

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Eligible employees (including those eligible employees who may be on sick leave with COVID-19 within the eligibility period) who worked within the period whose contracted hours meet the 4 week threshold should be given the payment.
Are HWB Program bonus payments exempt from New York State and local income tax? A. Yes, the HWB Program bonus payments to employees is exempt from both NYS and local income tax (in municipalities such as New York City).
To be eligible, employees must have been employed on or before 1 April 2022; and remain employed on or after 1 July 2022. Eligible full-time employees will receive: One total payment of $3000, which includes superannuation and is subject to income tax.
Each period stretches for six months, beginning in October 2021 and ending in May 2024. How much are the bonuses? Workers get $500 if they work at least 20 hours a week, but not more than 30, $1,000 if they work at least 30 hours a week, but not more than 35 and $1,500 if they work 35 hours a week or more.
Bonuses are compensation paid above and beyond ones base salary. They are thus not considered part of an employees salary or wages, but are treated as additional income. In the United States, bonuses are considered taxable income by the Internal Revenue Service.
To be eligible, employees must have been employed on or before 1 April 2022; and remain employed on or after 1 July 2022. Eligible full-time employees will receive: One total payment of $3000, which includes superannuation and is subject to income tax.
Employers have up to 30 days to distribute bonuses to their eligible employees. The submission period for the second vesting period was extended to include an additional month in November to allow employers more time to file claims.
Be in an eligible title listed in SOS 367-w(2)(a)(i)-(iii). Receive an annual base salary of H$125,000 or less (excluding any bonus or overtime pay paid by the employer). Be employed by an eligible provider during the entire vesting period. Not be suspended or excluded from participation in the Medicaid program.
ABOUT THE HWB PROGRAM Qualified employees who work: At least 20 hours, but no more than 30 hours per week are eligible for a bonus of $500. At least 30 hours, but no more than 35 hours per week are eligible for a bonus of $1,000. At least 35 hours per week are eligible for a bonus of $1,500.
Important Announcement Regarding Expansion of the HWB Program. On November 17, 2022 the New York State Department of Health announced notification of an expansion to the Healthcare Worker Bonus (HWB) Program to include additional titles and eligible provider types.

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