Viewing and finalizing pending lump sum payouts for rate progressions
Lump sum payments are generated based on rate progression rules for employees who have reached the last step of their grade or are eligible for step movement. Employees must have time records created for payouts to be processed.
Lump sum calculations occur when an employee moves to a new step or reaches the maximum step, provided that both Allow Lump Sum Payments and Allow Lump Sum on Step Move are enabled in the rate progression rule. Eligible employees receive payouts based on the criteria defined in the rule.
For example, an employee moving from Step 2 to Step 3 under a qualifying rule will receive a new pay rate and a lump sum payout. An employee at the maximum step may receive only the lump sum payout when processed.