PremiumPercentBaseRate
The PremiumPercentBaseRate
actions are
typically shift or overtime actions. When creating a PremiumPercentBaseRate
action, you must specify a percentage.
You can also specify the number of hours or an FTE value, depending on whether the position is hourly or annual. If you do not specify the number or hours or an FTE value, base hours or base FTE values are used for calculations.
Calculation formulas
For hourly positions, the formula for calculating a PremiumPercentBaseRate
type action for a specific
period is:
Period value = Rate for this period x Action hours x Number of pay periods x Phasing factor for this period
For annual positions, the formula for calculating a PremiumPercentBaseRate
type action for a specific
period is:
Period value = Rate for this period x Action FTE x Phasing factor for this period
The Rate for this period
is
calculated by applying the action percentage to the current base rate. This
calculation has to account for the fact that the current base rate changes over
time.
Example 1: PremiumPercentBaseRate calculation for an hourly position
This example shows the PremiumPercentBaseRate
calculation for an hourly position with these settings:
- Number of pay periods: 12
- Phasing method: Even
For each period, the phasing factor is 1/12.
- This table shows the PremiumPercentPremiumRate action details:
Start date End date Percentage Hours 2/15/16 6/15/16 50% 20 - This table shows the base rates and their start dates:
Start date Base rate 1/1/16 $10 4/16/16 $12
This table shows the action calculations for February through June:
Month | Calculation of rate for this period | Rate for this period | Period value | Result |
---|---|---|---|---|
Feb | 14/28 x (50% x $10) | $2.50 | $2.50x 20 x 12 x 1/12 | $50 |
Mar | 31/31 x (50% x $10) | $5.00 | $5.00 x 20 x 12 x 1/12 | $100 |
Apr | (15/30 x (50% x $10)) + (15/30 x (50% x $12)) | $5.50 | $5.50 x 20 x 12 x 1/12 | $110 |
May | 31/31 x (50% x $12) | $6.00 | $6.00 x 20 x 12 x 1/12 | $120 |
Jun | 15/30 x (50% x $12) | $3.00 | $3.00 x 20 x 12 x 1/12 | $60 |
Example 2: PremiumPercentBaseRate calculation for an annual position
This example shows the PremiumPercentBaseRate
calculation for an annual position with these settings:
- Phasing method: Even
For each period, the phasing factor is 1/12.
- This table shows the percentage and FTE values and the corresponding start and
end dates for this action:
Start date End date Percentage FTE 2/8/16 4/15/16 50% 1 - This table shows the base rates and their corresponding start dates:
Start Date Base Rate 1/1/16 $100,000 2/15/16 $120,000
This table shows the action calculations for February through April:
Month | Calculation of rate for this period | Rate for this period | Period value | Result |
---|---|---|---|---|
Feb | 14/28 x (50% x $100,000) | $25,000 | $25,000 x 1 x 1/12 | $2,083.33 |
Mar | 31/31 x (50% x $100,000) | $50,000 | $50,000 x 1 x 1/12 | $4,166.67 |
Apr |
(15/30 x (50% x $100,000)) + (15/30 x (50% x $120,000)) |
$55,000 | $55,000 x 1 x 1/12 | $4,583.33 |
May | 31/31 x (50% x $120,000) | $60,000 | $60,000 x 1 x 1/12 | $5,000.00 |
Jun | 15/30 x (50% x $120,000) | $30,000 | $30,000 x 1 x 1/12 | $2,500.00 |