Premium Percent 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 Percent = 150%
Premium Rate (salaried) = $14,400
Action FTE = 0.2
Premium Rate (hourly) = $12
Action Hours = 8
Pay Periods = 52

This is the calculation rule for a salaried position:

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

($14,400 * 150%) * 0.2 * (1/12) = $360

This is the calculation rule for an hourly position:

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

($12 * 150%) * 8 * 52 * (1/12) = $624