Premium rates calculation
Premium rates are used when calculating actions that are based on a
PremiumAmountBaseRate or a PremiumPercentBaseRate
benefit.
Example 1: Premium rates calculation for a PremiumAmountBaseRate benefit
The premium rates for a PremiumAmountBaseRate
benefit are calculated using the base rates and the amounts that are contained in
all the actions created from the PremiumAmountBaseRate benefit. The calculations of the premium rates
are the same for both hourly and annual positions so this example only shows
calculations for an hourly position.
This table shows the base rates and their corresponding start dates:
| Start date | Base rate |
|---|---|
| 1/1/2016 | $10 |
| 4/16/2016 | $12 |
This table shows three actions that are created from the same
PremiumAmountBaseRate benefit:
| Start date | End date | Amount |
|---|---|---|
| 2/1/2016 | 6/15/2016 | $6 |
| 6/16/2016 | 6/30/2016 | $8 |
| 8/1/2016 | None | $14 |
This table shows the Premium rates calculation without the shift differential pay:
| Start date | End date | Calculation | Premium rate |
|---|---|---|---|
| 2/1/2016 | 4/15/2016 | $10 + $6 | $16 |
| 4/16/2016 | 6/15/2016 | $12 + $6 | $18 |
| 6/16/2016 | 6/30/2016 | $12 + $8 | $20 |
| 8/1/2016 | None | $12 + $14 | $26 |
This table shows the Premium rates calculation with the shift differential pay:
| Start Date | End Date | Premium rate |
|---|---|---|
| 2/1/2016 | 6/15/2016 | $6 |
| 6/16/2016 | 6/30/2016 | $8 |
| 8/1/2016 | None | $14 |
Example 2: Premium rates calculation for a PremiumPercentBaseRate benefit
The premium rates for a PremiumPercentBaseRate
benefit are calculated using the base rates and the percentages that are contained
in all the actions created from the PremiumPercentBaseRate benefit. The calculations of the premium rates
are the same for both hourly and annual positions so this example only shows
calculations for an hourly position.
This table shows the base rates and their corresponding start dates:
| Start date | Base rate |
|---|---|
| 1/1/2016 | $10 |
| 4/16/2016 | $12 |
This table shows three actions that are created from the same PremiumPercentBaseRate benefit. You can view start and
end dates and percentage values for each action:
| Start date | End date | Percentage |
|---|---|---|
| 2/1/2016 | 6/15/2016 | 50% |
| 6/16/2016 | 6/30/2016 | 100% |
| 8/1/2016 | None | 150% |
This table shows how the premium rates for this benefit are calculated:
| Start Date | End Date | Calculation | Premium rate |
|---|---|---|---|
| 2/1/2016 | 4/15/2016 | $10 x 50% | $5 |
| 4/16/2016 | 6/15/2016 | $12 x 50% | $6 |
| 6/16/2016 | 6/30/2016 | $12 x 100% | $12 |
| 8/1/2016 | None | $12 x 150% | $18 |