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Salaries of bi-weekly and monthly employees are consistently managed
using a universal approach: the Annualized Salary.
The Annualized Salary is the salary that an
employee would have if he/she were to work full-time
for an entire standard year.
Systematic use of this Annualized Salary is one step further in
the simplification and standardization of our practices across campus
and aligns our business processes with the State of South Carolina
guidelines and regulations. Following the following procedure will
ensure correct salary set-up in UMS and exact match between UMS,
MUSC F&A's System of Records (GEAC) and the State's HR Information
System(HRIS):
- Pay Cycle: enter "Bi-Weekly" for
Bi-Weekly employees and "Monthly" for Monthly employees.
- Rate: enter the Annualized Salary.
- Period: enter "Annually"
- %Modifier: enter the FTE% amount. The FTE%
represents the ratio (number of base hours worked) over (number
of standard hours) for the period considered. For full-time employees,
enter 100%.
- The two relationships to keep in mind are:
FTE%
= Base Hours Weekly ÷ 40
= Base Hours
Bi-Weekly ÷ 80
Annual Salary = Annualized Salary x FTE%
- If you are used to handling the Hourly Rate with Bi-Weekly employees,
you may want to use the following formula to verify your computations.
Because of the limited mathematical precision on the Hourly Rate,
DO NOT use this relationship to calculate the Annualized Salary
if the hourly rate is not a round number, otherwise rounding errors
may lead to salary discrepancies.
Annualized
Salary = Hourly Rate x 2080 (Bi-Weekly ONLY)
- When FTE% = 100%, UMS will only display the Annualized Salary
since it is equal to the Annual Salary in that case.
- The Annual Salary may not be equal to the Employer Cost, especially
if the period considered is different than a full year.
- When you enter the FTE%, make sure to enter the percentage number
without the "%" symbol.
- For FTE%=100%, enter "100"
- For 1%, enter "1"
- For half a percent (0.5%), enter "0.5"
Practical examples with screen shots illustrating the set-up
for Bi-weekly and Monthly positions.
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