This page (revision-3) was last changed on 26-Nov-2021 10:22 by JMyers

This page was created on 26-Nov-2021 10:22 by JEscott

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PREMIUM_PRORATED
PREMIUM_PRORATED

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This is not applicable to Premium Calc rules that include time in the formula, as actual time worked is already included in those calculations.
\\ \\ ''Example: A company pays for employees’ fitness memberships; a yearly amount of $400.00. All employees may sign up for the benefit, but part-time employees receive a pro-rated amount based on their Full Time Equivalency (FTE). As well, the company would like to pay the premium at the beginning of each month. The [ISPM] form would be set up as follows:''\\ \\
|Premium Rate| 400
|Rate Basis| YR
|Premium Calc Rule| Flat Per Period
|Frequency| Monthly (See notes on Frequency above)
|Premium Prorated|check (on)
;:In this manner, an employee with an FTE value of 0.5 would receive $16.67 /month ($200/yr).
This page (revision-3) was last changed on 26-Nov-2021 10:22 by JMyersTop