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How do I set a person's hourly pay rate to track minimum wage?

Tracking minimum wage2:53

"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:

  1. First, select the person on: MenuPeople
  2. Then tap: PayPay settings
  3. Then tap the person's rate amount, or if no rate amount is set yet, tap: Set rate
  4. Next, select a "Per hour" rate. You can select whichever of "timesheet hours" or "target hours" you prefer.
  5. And then turn on: Tracking minimum wage
  6. Minimum wage tracking requires the person's "Date of birth" to be set.
  7. If it's not set, you'll get a warning.
  8. To set their "Date of birth", tap the blue link and set it.
  9. Then tap: Save
  10. Now that their "Date of birth" is set, tap Set rate again.
  11. Set it to "Per hour" again.
  12. Then turn on: Tracking minimum wage
  13. Additionally, if you need it, you can also turn on tracking for the apprentice minimum wage.
  14. When you're ready, tap: Save
  15. And you'll now see their rate amount shows the letters: "(mw)"
  16. 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.
  17. To understand how their minimum wage rate was calculated, tap it open again, and read the notes and links.
  18. If you later decide to pay them higher than minimum wage, you can turn off "Tracking minimum wage" anytime.
  19. 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!

Updated: Sun, Oct 22, 2023.

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www.1st.money/help/Payroll/How_do_I_set_a_person's_hourly_pay_rate_to_track_minimum_wage