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rain insurance
Posted by Superior Shine
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rain insurance March 21, 2005 07:54AM |
Registered: 17 years ago Posts: 866 |
<HTML>How about this---
We are dying here with all the rain (well not so much me as I stashed some money away just for this reason)
but my employees are , all both of them.
What if I put into place a plan were a few dollars were deducted from their weekly check and put into a savings account then they would get paid from that account when the weather got bad.
WADATHINK?</HTML>
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Plays in the rain --- www.SuperiorShineDetailing.com
We are dying here with all the rain (well not so much me as I stashed some money away just for this reason)
but my employees are , all both of them.
What if I put into place a plan were a few dollars were deducted from their weekly check and put into a savings account then they would get paid from that account when the weather got bad.
WADATHINK?</HTML>
-----------------------------------------------------
Plays in the rain --- www.SuperiorShineDetailing.com
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Re: rain insurance March 21, 2005 04:02PM |
Registered: 17 years ago Posts: 894 |
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Re: rain insurance March 21, 2005 06:09PM |
Registered: 17 years ago Posts: 641 |
<HTML>Set up an "escrow" account.
Don't touch it unless you have to.
Explain to your workers, that the monies will only be drawn out if absolutely necessary and then, only as a partial replacement for wages lost due to the weather.
They can't expect full wages, it would work sorta of like unemployment.
When it runs out, it gone until you can rebuild the escrow back up.
Ketch</HTML>
Do it right or don't do it at all!
Don't touch it unless you have to.
Explain to your workers, that the monies will only be drawn out if absolutely necessary and then, only as a partial replacement for wages lost due to the weather.
They can't expect full wages, it would work sorta of like unemployment.
When it runs out, it gone until you can rebuild the escrow back up.
Ketch</HTML>
Do it right or don't do it at all!
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Re: rain insurance March 21, 2005 11:42PM |
Registered: 17 years ago Posts: 243 |
<HTML>Great Idea Joe! We have been so busy,that I would have never thought about something like that. I'm going to pass it around the guys,and when I can replace the 2 that quit, I'll offer it to the replacments coming in.
Most folks never think or deal with the "What If's" until its Too late.. Brandy !</HTML>
Most folks never think or deal with the "What If's" until its Too late.. Brandy !</HTML>
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Re: rain insurance March 22, 2005 12:13AM |
Registered: 17 years ago Posts: 37 |
<HTML>Joe...
The initial thought sounds like a good idea...but...you should check with your accountant and posibbly your attorney before you start witholding any money your employee's have already "earned" and paid taxes on, even if it's for their own good.
I've got a hunch there may be some legal and tax implications that you probably don't want to have to deal with.
It'd be much better if ya could convince them to put a couple of bucks in their own savings account. (yeah, I know...that ain't gonna happen.)
Anyway, please check out all the details with some experts before you put your plan in place.
Steve Bough
The Shine Shop
Jasper, Indiana</HTML>
The initial thought sounds like a good idea...but...you should check with your accountant and posibbly your attorney before you start witholding any money your employee's have already "earned" and paid taxes on, even if it's for their own good.
I've got a hunch there may be some legal and tax implications that you probably don't want to have to deal with.
It'd be much better if ya could convince them to put a couple of bucks in their own savings account. (yeah, I know...that ain't gonna happen.)
Anyway, please check out all the details with some experts before you put your plan in place.
Steve Bough
The Shine Shop
Jasper, Indiana</HTML>
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