Mid-Year Contract Change - No Retro

Mid-Year Contract Change No Retro-no further calculations are necessary

-New Pays in Contract = Old Compensation Pays in Contract minus Old Compensation Pays Paid

-New Amount Paid = Old Amount Paid

-New Amount Earned = Old Compensation Contract Days Worked times Old Compensation Daily Rate

• Old Days Worked x Old Unit Amount =

-New Contract Obligation = Amount to be Earned plus Old Compensation Accrued Wages (calculated by the system)

• Old Days worked x Old Unit Amount =

• New Days remaining x New Unit Amount =

  • Totaled equals ‘New Contract Obligation’

-New Contract Amount = Full ‘new’ amount of the contract

-New Compensation Start = Will be the day after the last pay period ending date (look at Pay Group Ending date for employee)

-Compensation Stop Date = Original Compensation Stop Date from the initial contract

-Unit Amount - calculated by the system

-New Contract Days Worked - calculated by the system

-New Pay Per Period - calculated by the system

-New Accrued Wages = Old Accrued wages

Calculation for New Contract Obligation example: