Calculating Hourly Wage. 14.5.1 For the purposes of calculating the hourly rate of pay for employees who are paid on the basis of a monthly salary, hourly wages shall be determined by the following formula: Annual Salary divided by weekly hours worked divided by 52 weeks = Standard Hourly Rate. 14.5.2 The above formula is used to calculate the Standard Hourly Rate for determining overtime pay, sick leave payout, and vacation leave payout.
Appears in 3 contracts
Samples: Working Agreement, Working Agreement, Working Agreement
Calculating Hourly Wage. 14.5.1 For the purposes of calculating the hourly rate of pay for employees who are paid on the basis of a monthly salary, hourly wages shall be determined by the following formula: Annual Salary divided by weekly hours worked divided by 52 weeks = Standard Hourly Rate.
14.5.2 The above formula is used to calculate the Standard Hourly Rate for determining overtime pay, sick leave payout, and vacation leave payout.
Appears in 1 contract
Samples: Collective Bargaining Agreement
