How do I set a person's hourly pay rate to track minimum wage?
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"How do I set a person's hourly pay rate to track minimum wage?"
Setting a person to "Tracking minimum wage" auto-updates the person's hourly pay rate. The updates happen automatically, from year-to-year, whenever the government releases new minimum wage rules.
To set a person's hourly pay rate to track minimum wage:
- First, select the person on: MenuPeople
- Then tap: PayPay settings
- Then tap the person's rate amount, or if no rate amount is set yet, tap: Set rate
- Next, select a "Per hour" rate. You can select whichever of "timesheet hours" or "target hours" you prefer.
- And then turn on: Tracking minimum wage
- Minimum wage tracking requires the person's "Date of birth" to be set.
- If it's not set, you'll get a warning.
- To set their "Date of birth", tap the blue link and set it.
- Then tap: Save
- Now that their "Date of birth" is set, tap Set rate again.
- Set it to "Per hour" again.
- Then turn on: Tracking minimum wage
- Additionally, if you need it, you can also turn on tracking for the apprentice minimum wage.
- When you're ready, tap: Save
- And you'll now see their rate amount shows the letters: "(mw)"
- The "(mw)" indicates that their rate amount is now locked to the minimum wage, and is set to auto-update from year-to-year, from now on.
- To understand how their minimum wage rate was calculated, tap it open again, and read the notes and links.
- If you later decide to pay them higher than minimum wage, you can turn off "Tracking minimum wage" anytime.
- And finally, you're now free, again, to set them to whatever higher pay rate you want.
Keep in mind that:
- Turning on "Tracking minimum wage" doesn't only auto-update the person's hourly pay rate, from year-to-year.
- It also checks the person's age every payday. For example, the person may turn 18 part way through the year, and fall into the adult age bracket which has a different minimum wage.
- Once "Tracking minimum wage" is turned on, 1st Money automatically updates the person's pay rate for you.
- It's updated both when the government releases new minimum wage rules, and whenever the person's age changes.
- It's set and forget!
And that's it! That's all you need to do to set a person's pay rate to track minimum wage!
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