What would be the dollar impact if the 5 percent increase planned for January 1 were reduced to 3.5 percent and postponed until April 1?

What would be the dollar impact if the 5 percent increase planned for January 1 were reduced to 3.5 percent and postponed until April 1?

 

 

2. As an alternate cost-saving strategy, determine the annual savings if all hourly staff were reduced from 40 to 37.5 hours as their standard workweek. Consider the top three staff—director, compliance specialist, and registries coordinator—as salaried and thus unaffected by the workweek change.

3. Determine the total dollar impact if both of the foregoing strategies were implemented together. Remember that the pay increase affects everyone but that the 37.5-hour week affects just hourly staff.

Sample Health Information Department Budget

This budget is based on the following premises:

1. Fiscal year: July 1 through June 30

2. Workweek: 40 hours/week; 2,080 hours/year per FTE

3. Cost of living increase: 5 percent of current base rate (see Table 8–3 for detailed cost of living calculations by position title)

4. Effective date of cost of living increase: January 1

5. Overtime rate: time and a half, based on current base for employee

6. Holiday pay: regular base rate (for employees who work on a scheduled holiday: double time, calculated on current base for each employee)

7. Temporary agency rate: average rate is $13/hr. for clerical worker, no fringe benefits given

8. Sick pay: calculated on each employee’s current base

9. Fringe benefits: 29 percent of total wages and salaries for the department; 29 percent for each individual employee

10. Wage and salary calculations are displayed to show these details:

Factor Example

Current annual base $58,000

July–December of current calendar year—total earnings 29,000

January 1 cost of living increase (5%) 2,900

New annual base effective January 1 60,900

January–June of coming calendar year—total earnings 30,450

Total needed for full 12-month period of the fiscal year 29,000 +30,450 $59,450

Explanation & Answer

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