Calculating the Hourly Rate

To calculate the hourly rate, use the formula TER FM HOURLY RATE to:

1. Determine 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 hourly rate.

2. Retrieve the employee's standard hours frequency from the Job record in the Work Period field and passes it to AUS VR TEMP FREQUENCY.

3. Use the variable to get the annualized factor AUS VR ANNL FCTR from the array AUS AR FREQUENCY.

4. Divide AUTPV by the annualized factor, then divides by the employee's standard hours.

   (AUTVP ÷ AUS VR ANNL FCTR) ÷ STD HOURS = Hourly rate for packaged employee