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Vacation Payout Formula
For regular monthly paid employees of the University, calculate as follows:
Monthly Rate / 22 days * #days accrued
$3,000.00 / 22 = $136.363
$136.363 * 15 = $2,045.454
To calculate for Part-Time Monthly Employees, vacation is proportional
to the percentage time worked in comparison to the job if it was a full-time
job v:
Example: Work week = 4 hours/day
FT equivalent = 7 hours/day
Employee works 57% of FT equivalent
Employee can accrue up 24 (4 hour) days = 96 hours
Vs. 168 hours for FT employee
Full-time salary = $20,000
Part-time (@ 57%) = $11,400
Part-time (@ 57%) = $11,400
Now use same formula as FT:
Annual salary / 12 = Monthly Salary
Monthly Salary / 22 = daily rate
Daily Rate * #days accrued
$11,400 / 12 = $950; $950 / 22 = $43.181
Daily Rate for this employee = $43.181
For regular weekly paid employees of the University # of vacation
days are calculated automatically by the Payroll System, calculate as follows:
Weekly Rate / 5 days = Daily Rate
Daily Rate * #days accrued = Amount Due
To calculate for Part-time Weekly Employees, the number of vacation days are
calculated automatically by the Payroll System:
Weekly Rate / 5 days = Daily Rate
Daily Rate * #days accrued = Amount Due
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