What is the hourly rate?
The amount you earn by working per hour is called the hourly rate. The hourly rate is calculated by the following steps given below:
1- First of all, determine how many hours the employee worked.
2- Next, multiply these hours by the number of days in a week.
3- Divide the calculated value by the number of weeks (52) per year.
4- Then divide this value by the total annual salary of the employee.
For example, if the worker’s salary is around $50,000 and he works for 40 hours. Then its hourly rate is derived by
How to calculate the hourly rate for a monthly salary in South Africa?
According to the law of Kenya, (Employment Act 229) the minimum hourly rate is calculated by dividing the monthly salary by 225.
Formulas for calculating hourly rate:
The following are the formulas used for calculating the hourly rate for a monthly salary:
Hours per month=hours in a year / 12 months in a year.
To calculate hours per month, divide the hours in a year by the number of months in a year.
Hours per week=hours per day x working hours per week.
To calculate hours per week multiply the hours per day by the working hours per week.
Hours in a year =hours per week x week (52) in a year.
To calculate hours in a year, multiply the hours per week by the total number of weeks in a year.
Hourly earn=monthly salary/ hours per month.
Top calculate how much you have earned per hour, and divide the monthly salary by the number of hours per month.
Daily earn=hourly pay x hours per day.
To calculate your daily earnings, multiply your hourly pay by the hours per day.
For calculating your salary-based hourly rate then use these formulas:
Salary/ working days (260) = daily rate.
Divide your salary by the working days (260) to get a daily rate.
Daily rate/number of working hours (per day) = hourly rate.
To get an hourly rate, divide the daily rate derived by the formula with the working hours.
Working days (260) – holidays (28) = 232.
There are 232 total working days.
What are the top highest-paid jobs in South Africa?
The top-paid jobs in South Africa are;
- CA (chartered accountant)
- Executive Management.
- Technical or Business architecture.
- IT (Information technology) project administration and management.
- Strategy consulting.
- Software Development.
- Electrical Engineering.
- Business Analyzing.
- Mechanical Engineering.
- Specialized Doctors.
What are the working hours in South Africa?
A worker can work for a maximum of 45 hours per week. It means he works for almost nine hours for five days and eight hours for more than five days a week.
What is the basic salary in South Africa?
If a worker has Rs.18,000 as a basic salary, he or she will receive this salary as a whole and also get house rent payment, transportation, communication sources, city allowance, and other allowance that are included in his or her job.
Why is hourly rate calculation important in working?
You need to calculate the hourly rate in order to determine overtime salary, and the employee’s leave and absence. So, the calculation of the hourly rate is essential.