When entering the remuneration schedule the method of payment can be selected as either Base Annual or Hourly Rate. However, the system will automatically calculate the alternative for you for your reference rounded to two decimal places. An example of the calculation is as follows: |
Calculated Annual Amount vs Hourly Amount:
e.g. Employee A has a: Base Annual Amount - 60000 Pay cycle - Weekly (52 weeks in 1 year) Hours per cycle - 40
Calculated Hourly Amount = 28.77 |
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Note: Notice a weekly cycle is not calculated as exactly 52 weeks as it will take into account leap years and factor this into the calculation. |
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