Common use of Employees Assigned to a 40-Hour Work Week Clause in Contracts

Employees Assigned to a 40-Hour Work Week. To obtain an annual salary, the monthly salary shall be multiplied by twelve (12). To obtain the hourly rate, the annual salary shall be divided by 2,080 hours and rounded off to the fourth decimal place. The hourly rate will be rounded as follows: If fifth decimal place is five (5) or greater, the fourth decimal place shall be rounded up one (1); if less than five (5), the fifth decimal place shall be dropped.