What is the Fixed Yearly - Prorated leave model?

What is the Fixed Yearly - Prorated leave model?


Fixed Yearly - Prorated Leave model calculates the leaves based on the number of months of service. Under this leave model, leaves are available to an employee on a prorated basis.


For example:



An employee has joined the company on 01 January and he/she has 14 Days Annual Leave entitled for that year.


The leaves will be prorated as given: Formula = [14 (Leaves) /12 (Months)] * Number of completed months


Formula = 1.16 * Number of completed months.


So if the employee is applying for leave in april he/she would have 3.49 Days leave available to consume.


[i.e. 14/12 = 1.16 x 3 (Jan, Feb, March) = 3.49]




Product Version: SMEPayrollTM Version 11






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