Common Elements Used to Administer Compensation
Field or Control |
Definition |
---|---|
Frequency |
Enables you to select a frequency (hourly, daily, monthly, annually, and so on) in which to express the compensation rate. |
Base Pay |
Pay for a regularly assigned workweek. A pay component that is included in the job compensation rate calculation. For example, an employee's base compensation package may be made up of the following components: base pay, cost of living, child-care cost, and commuting cost. |
Compensation Package |
All of the base and non-base pay components on a job row. |
Job Code |
An ID for a job as defined on the Job Code table. |
Job Code Component |
A pay component assigned to a job code. A pay component is defined by associating a rate code with a job code on the Default Compensation page or the Non-Base Compensation page of the Job Code table. |
Job Compensation Rate |
The compensation rate of the corresponding job row. |
Non-Base Pay |
A pay component that is used by Payroll only in paysheet calculation. It is not included in the job comp rate calculation. For example, non-base pay can be set up for additional work, holiday pay, bonuses, and so on. |
Pay Component |
A row in a compensation record that builds the compensation packages in that record. |
Rate Code |
The ID of a pay component. It defines a rate of pay. Rate Code represents pay components on pages and when configuring compensation packages in a compensation record. Rate Code is set up in the Comp Rate Code (compensation rate code) table. |
Rate Code Group |
A number of pay components (represented by rate codes) that are bundled into a subset of a compensation package. The rate code group is used to calculate percentage-based components that do not apply the percentage to all pay components in the compensation package. Rate code groups are set up on the Rate Code Groups page. |
Rate Code Type |
Determines how the monetary value of a rate code is calculated. The compensation rate code type is defined on the Comp Rate Code table. Valid values are Flat Amount, Hourly Rate + Flat Amount, Hourly Rate, Percent, and Points. |
Rate Matrix |
A matrix that is associated with a rate code, which applies rules and formulas to determine the amount or rate for a specific employee. |
Rules-Driven Pay Component |
A pay component that uses rules to determine the appropriate rate code to assign to an employee. Rules are set up in the Comp Rate Code Rules component. |
Salary Step Component |
A pay component that is assigned to a salary step by entering the corresponding rate code on the Salary Step Components page. |
Seniority Pay |
A premium that is paid for the length of time that an employee has worked for an organization. |
Seniority Pay Component |
A pay component that has a rate code with the seniority rate code class (SENPAY). This class is provided by PeopleSoft and is assigned on the Comp Rate Table page. You use it to access the seniority pay functionality. |
Seniority Rate Code |
A rate code associated with the seniority rate code class (SENPAY). This class is provided by PeopleSoft and is assigned on the Comp Rate Code Table page. You set up levels of pay increase for these codes on the Seniority Pay page of the Comp Rate Code component. |