Hourly Equivalent Calculation Clause Samples
Hourly Equivalent Calculation. For payroll purposes, the hourly equivalent of a monthly rate shall be computed by dividing the monthly rate by 173.333 hours worked per month (40 hours per week times 52 weeks in a year divided by 12 months in a year).
Hourly Equivalent Calculation. For payroll purposes, the hourly equivalent of a monthly rate shall be computed by multiplying fifty-six (56) hours per week by fifty-two (52) weeks in a year which results in an annual figure of two thousand nine hundred twelve (2,912) hours. The monthly rate shall be multiplied by twelve (12) and divided by two thousand nine hundred twelve (2,912) to arrive at an hourly rate. For purposes of calculating the hourly rate for personnel assigned to a forty (40) hour work week, the hourly rate shall be computed by multiplying forty (40) hours per week by fifty-two (52) weeks in a year which results in an annual figure of two thousand eighty (2,080) hours. The monthly rate shall be multiplied by twelve (12) and divided by two thousand eighty (2,080) to arrive at an hourly rate.
Hourly Equivalent Calculation. For payroll purposes, the base hourly equivalent of a monthly base rate is calculated by dividing twelve (12) times the monthly rate by two thousand eighty (2,080) hours (forty (40) hours times fifty-two (52) weeks per year).