For example, you might define a salary rate and an overtime rate of pay for every grade, with minimum, maximum, and midpoint values. Both rates would be in monetary units. However, you can also define rates with non-monetary units, such as days, hours, or numbers.
Grade rates are datetracked and this means that you can keep the history of the actual values you use. You can also set up rate values at a future date and be sure that this information will automatically take effect on the date you set, and not before.
You can use your grade rate values:
Salary Administration and Performance Reviews
Using Oracle FastFormula for Validation
Viewing Grade Comparatios