Example of full-time vs part-time contributions
Let’s meet Mariella and see how her contributions would change if she worked full time vs. part time.
If Mariella works full time
The example below shows how much Mariella and her employer would contribute to HOOPP in 2023, if she earns $70,000† and works full-time all year:
| Earnings |
|
Mariella's 2023 contributions
|
| $66,600 x 6.9% |
= |
$4,595.40
|
| $3,400 x 9.2% |
= |
$312.80 |
| $70,000 |
|
$4,908.20 |
Mariella contributes $4,908.20 to HOOPP and her employer contributes $6,184.33 on Mariella’s behalf.
†Mariella’s earnings of $70,000 were $3,400 above the 2023 YMPE of $66,600.
If Mariella works part time
The example below shows how contributions would be calculated for Mariella if she works three days per week, or 60% of full-time hours. Though her actual earnings would be $42,000† per year, her contributions are based on annualized earnings of
$70,000 per year and then prorated by 60%.
Here’s how much Mariella and her employer would contribute to HOOPP in 2023:
| Earnings |
Prorated |
|
Mariella's 2023 contributions
|
| $66,600 x 6.9% |
x 60% |
= |
$2,757.24
|
| $3,400 x 9.2% |
x 60% |
= |
$187.68 |
| $70,000 |
|
|
$2,944.92 |
Mariella contributes $2,944.92 to HOOPP and her employer contributes $3,710.60 on Mariella’s behalf.
†Mariella’s annualized earnings of $70,000 were $3,400 above the 2023 YMPE of $66,600.