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 PremiumPercentBaseRate 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