Okla. Admin. Code § 260:25-7-1.3

Current through Vol. 42, No. 4, November 1, 2024

Section 260:25-7-1.3 - Calculation of rates of pay

(a) The basis for expressing base rates of pay shall be the annualized salary. Annualized salary shall be computed by multiplying the monthly rate of pay by 12 months or by multiplying the hourly rate of pay by 2,080 hours.

(b) Before calculating any changes in monthly or hourly rates of pay, the base rate of pay shall be converted to an annualized salary.

(c) In making multiple calculations to arrive at a final figure, five decimal places shall be retained throughout all intermediate calculations: only the final figure shall be rounded.

(d) In mathematical calculations of rates of pay, calculations to convert remainders to cents shall be carried five decimal places and rounded to two decimal places (cents). Any number greater than or equal to 0.005 shall be rounded to the next higher cent.

(1) Example 1: $22,718.00 ÷ 12 = 1,893.16666 or $1,893.17

(2) Example 2: $25,432.00 ÷ 12 = 2119.33333 or $2,119.33

(e) The formula for converting an annualized salary to a monthly rate of pay shall be: Monthly Rate of Pay = Annualized Salary ÷ 12. Example: Monthly Rate of Pay = $22,718.00 ÷ 12 = 1,893.16666 or $1,893.17

(f) The formula for converting an annualized salary to an hourly rate of pay shall be: Hourly Rate of Pay = Annualized Salary ÷ 2080. Example: Hourly Rate of Pay = $23,241.00 ÷ 2080 = 11.17355 or $11.17

Okla. Admin. Code § 260:25-7-1.3

Added at 31 Ok Reg 1346, eff 9-12-14