Everee's Pay Your Way offering is the first of its kind and allows employees the opportunity to choose their individual pay preference. By allowing employees this opportunity, it was important to reconsider the current approach to how deductions are calculated, particularly for hourly employees who elect to be paid more frequently than bi-weekly or semi-monthly.
Why is it different? Hourly employees work a variable number of hours and, because of this variability, the best approach is to calculate deductions based upon the number of hours worked, rather than assume a fixed amount per week. This is important because an hourly employee may not work enough hours to offset their required deductions.
How is it different? Hourly employees are configured by the account administrator to have a typical hours per week. Typical hours is used by Everee to calculate the hourly deduction amount. Therefore, an hourly employee that works 5 hours one day and 6 hours the very next day should expect the deduction to be different. Rest assured that your monthly maximum deduction will never be exceeded; however, the timing of hitting that maximum may come sooner or later in a month depending on the timing and number of hours worked.
Can I calculate myself? Yes. We have built a quick spreadsheet to allow you to quickly estimate what could happen in different scenarios. If you are the employee, please ask your administrator what the typical hours per week is for you as it is important for the accuracy of the calculations.
How do I calculate?
- Download the attachment. (Everee - Hourly Pay Example.x.xlsx)
- Edit the gray fields for the following:
- Deduction or Savings goal per month
- Typical Hours per week
- Actual hours worked
Please notice the actual deduction for worked hours is calculated for you. This represents the estimated deduction for the actual hours worked during the week. It is as easy as that!
Can I have a fixed weekly amount rather than Everee's calculation? Unfortunately not. Pay Your Way is unique to the market and is important to the financial stability for many of our customers' employees. Because of this all of our customers have the same experience.