Administering Wages and Salaries pp. 427-429 13-2SECTION.

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Presentation transcript:

Administering Wages and Salaries pp SECTION

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 2 of Key Words to Know salary scale (p. 427) A table of wages or salaries used to compare various jobs in a company. cost-of-living adjustment (p. 427) A raise in salary to keep up with the rate of inflation.

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 3 of Key Words to Know merit increase (p. 427) A raise in salary to reward an employee for the quality of his or her work.

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 4 of New = Present + Cost-of-Living + Merit Salary Salary Adjustment Increase Formula

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 5 of Ell Eea is a systems analyst (salary level 2 position) for EPD Inc. The executive board of EPD voted to give all employees a cost- of-living adjustment of 2.8 percent. In addition, Eea was awarded a merit increase of 3.5 percent. What will Eea ’s salary be for the coming year? Example 1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 6 of Find the present salary from Figure 13.1 below. Example 1 Answer: Step 1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 7 of The present salary is $40,000. Figure 13.1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 8 of Find the cost-of-living adjustment. Salary × Cost-of-Living Adjustment Percent $40,000 × 2.8% = $1,120 Example 1 Answer: Step 2

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 9 of Find the merit increase. Salary × Merit Increase Percent $40,000 × 3.5% = $1,400 Example 1 Answer: Step 3

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 10 of Find the new salary. Present + Cost-of-Living + Merit Salary Adjustment Increase $40,000 + $1,120 + $1,400 = $42,520 Example 1 Answer: Step 4

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 11 of D’Marco Mullin is a computer operator, salary level 3, for EPD Inc. He received a 2.8 percent cost-of-living adjustment and a merit increase of 4 percent. What is Mullin’s new salary? Example 2

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 12 of Find the present salary from Figure 13.1 below. Example 2 Answer: Step 1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 13 of The present salary is $38,500. Figure 13.1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 14 of Find the cost of living adjustment. Salary × Cost-of-Living Adjustment Percent $38,500 × 2.8% = $1,078 Example 2 Answer: Step 2

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 15 of Find the merit increase. Salary × Merit Increase Percent $38,500 × 4% = $1,540 Example 2 Answer: Step 3

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 13- 2, Slide 16 of Find the new salary. Present + Cost-of-Living + Merit Salary Adjustment Increase $38,500 + $1,078 + $1,540 = $41,118 Example 2 Answer: Step 4

428:1-16