Calculating the Daily Rate

To calculate the daily rate, formula TER FM DAILY RATE:

1. Determines if the employee is salary-packaged by checking for a value for rate code AUTVP.

   If there is no value for AUTVP, the system uses the employee's daily rate.

2. Divides AUTVP by the annualized factor for the daily frequency specified on the Additional Info - AUS page in the pay group component.

   AUTVP ÷ AUS DY FACTOR = Daily rate for packaged employee

Note:

The system uses the system element DAILY RT as the daily rate for non-packaged employees. The daily rate is currently based on weekly rate ÷ 5. To calculate the daily rate differently, revise this formula.