Premium Amount based on Premium action

This action is based on the premium rate of a Premium action and supports overtime based on a premium rate, such as a shift rate. This requires hours or FTE to be specified with the action when applied. If hours or FTE is not specified, then the calculation uses Current Base Hours or FTE. Hours and FTE specified are included in the Total Hours and Total FTE action groups.

Example

Assuming an even monthly spread method (Period's Spread Factor/Total Spread Factors) = 1/12

Premium Rate (salaried) = $14,400
Premium Amount = $7,200
Action FTE = 0.2
Premium Rate (hourly) = $12
Premium Rate Amount = $6
Action Hours = 8
Pay Periods = 52

This is the calculation rule for a salaried position:

(Premium Rate + Annual Premium Amount) * FTE * (Period's Spread Factor / Total Spread Factors)

($14,400 + $7,200) * 0.2 * (1/12) = $360

This is the calculation rule for an hourly position:

(Premium Rate + Hourly Premium Amount)* Action Hours * Pay Periods* (Period's Spread Factor/Total Spread Factors)

($12 + $6) * 8 * 52 * (1/12) = $624