PremiumPercentPremiumRate
PremiumPercentPremiumRate
actions are
typically overtime actions.
When creating a PremiumPercentPremiumRate
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 PremiumPercentPremiumRate
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 PremiumPercentPremiumRate
type action for a specific period is:
Period value = Rate for this period x Action FTE x Phasing factor for this period
When setting up a benefit of this type, the user specifies the based-on
benefit which must be either a PremiumAmountBaseRate
or a PremiumPercentBaseRate
benefit. The rate for this period is calculated
by applying the action percentage to the based-on benefit rate. This calculation
must account for the fact that the based-on benefit rate changes over time.
Example 1: PremiumPercentPremiumRate calculation for an hourly position
This example shows the PremiumPercentPremiumRate
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 9/15/16 50% 20 - This table shows the
Base-on
rates and their start and end dates:Start date End date Based-on rate 1/1/16 4/15/16 $10 4/16/16 6/15/16 $12 9/1/16 None $14
This table shows the action calculations for February through September:
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 |
Jul | Action not calculated for July because of gap in the based-on benefit. | |||
Aug | Action not calculated for August because of gap in the based-on benefit. | |||
Sep | 15/30 x (50% x $14) | $3.50 | $3.50 x 20 x 12 x 1/12 | $70 |
Example 2: PremiumPercentPremiumRate calculation for an annual position
This example shows salary 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, FTE, and the corresponding start and end
dates for the action:
Start date End date Percentage FTE 2/8/16 9/15/16 50% 1 - This table shows the based-on benefit rates for the indicated date ranges:
Start date End date Based-on rate 1/1/16 4/15/16 $100,000 4/16/16 6/15/16 $120,000 9/1/16 None $140,000
This table shows the action calculations for February through September:
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 |
Jul | Action not calculated for July because of gap in the based-on benefit. | |||
Aug | Action not calculated for August because of gap in the based-on benefit. | |||
Sep | 15/30 x (50% x $140,000) | $35,000 | $35,000 x 1 x 1/12 | $2,916.67 |