Premium Policies allow administrators to modify hourly wages or pay rates when employees work during specified dates, times or for certain departments, locations, or customers.
A Premium Policy consists of:
- A Premium Policy Name
- A Premium Type
- One or more Overtime Threshold and Rate
The Premium Type can be set to:
Multiply Wage - Multiply the employee's regular hourly wage. For example to to set a Premium to pay time-an-a-half, set the value to 1.5
Add to Wage - Add a dollar amount to the employee's hourly wage.
Subtract from Wage - Subtract a dollar amount from the employee's hourly wage.
Replace Wage - Replace the hourly wage.
Premium Policies are applied to pay sheets before the Overtime Policies are applies. For example, if an employee is paid an hourly wage of $10, plus a premium rate of 1.5, their hourly rate before Overtime is applied would be $15/hour. If they go into overtime, the Overtime Policy is applied to the premium rate of $15/hour and not $10.
To Assign an Overtime Policy, tap the Pay Policies section of an employee's Record.