Premium Percent

This action type supports overtime, shift, or other costs expressed as a percentage based on the current pay rate. It is always a percentage of the current rate.

When this action is applied, a percent must be specified. You can specify a positive or negative number. Optionally, hours or FTE can be specified. If hours or FTE is not specified, then Base Hours or FTE is used for the action hours or FTE.

This action type can be defined to calculate only shift differential. If the shift differential is calculated, then the base salary and shift can be reported and mapped to the financial tables separately. If hours or FTE are specified for a shift differential only action, the hours are not included in the total hours or FTE calculation.

Example

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

Premium Percent = 120%
Shift Differential Premium Percent =
20%
Salary = $12,000
Action FTE = 1
Hourly Rate = $10
Action Hours = 40
Pay Periods = 52


This is the calculation rule for a salaried position:

Premium Rate = Salary * Premium Percent

$12,000 * 120% = $14,400

Premium Rate * Action FTE * (Period's Spread Factor/Total Spread Factors)

$14,400 * 1 * (1/12) = $1,200


This is the calculation rule for an hourly position:

Premium Rate = Hourly * Premium Percent

$10 * 120% = $12

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

$12 * 40 * 52 * (1/12) = $2,080


If the action calculates only shift differential, this is the calculation rule for a salaried position:

Premium Rate = Salary * Shift Differential Premium Percent

$12,000 * 20% = $2,400

Premium Rate * Action FTE * (Period's Spread Factor / Total Spread Factors)

$2,400 * 1 * (1/12) = $200


If the action calculates only shift differential, this is the calculation rule for an hourly position:

Premium Rate = Current Base Rate * Shift Differential Premium Percent

$10 * 20% = $2

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

$2 * 40 * 52 * (1/12) = $346.6667