Entitlement Category for LSL Salary - calculation
Hello
I have an employee that will be entitled to LSL in July and LSL has never been set up. I want to set up an entitlement category for LSL-Salary. In the MYOB LSL notes, I need to use Example 1, under Salary employees but the example is a 38hour week, but our Salary employees work a 37.5 hour week. So to make this calculation correct for a 37.5 hour week, is this the correct formular: hours worked p/w times 8.667 divided by 10yrs?
Eg: 37.5 hours p/w x 8.667=divide by 10 yrs = 32.50125.
Also I want to enter the hours the employee is already entitled to, into the LSL entitlement category when I process there pay slip, can this be done on their normal pay slip or do I have to process a separate nil pay slip? It doesn’t really say in the notes.
I would appreciate some assistance. Thank you:)
Hi Anewbee,
The calculation for LSL you mentioned looks like it lines up with the general formula just fine. If you want to be absolutely sure though, it’s a good idea to check in with a financial advisor.
As for adding the hours the employee is entitled to, you can sort this out by doing a nil pay with just the LSL entitlement hours you need to adjust. You can read more about the process from this link.
Regards,
Genreve
