The Premium Master form defines the premiums that can be associated with PREMIUM_CODE and POSITION charge elements. The Premium Master form determines whether the premium will be a flat rate or a percentage of the employee’s Base Rate. The actual premium amount is defined on the Element Premium/Rate tab of the Charge Element form.
This form also displays the rate types that can be associated with Job Codes. A Job Code is a type of charge element that can be assigned to a person to represent the type of work a person does. A Job Code can also be assigned a Payroll Rate and a Labor Rate. You can view these rates on the Premium Master form but you cannot modify them.
See Also:
Premium Master Field Descriptions
Premium/Rate Name
Displays the name of a premium or rate type.
A premium name can be associated with PREMIUM_CODE and POSITION charge elements.
A rate type can be associated with a Job Code.
Premium/Rate
Indicates whether the record is for a Premium or a Rate.
A Premium can be associated with PREMIUM_CODE and POSITION charge elements. You can define Premiums on the Premium Master form. The actual premium amount is defined on the Element Premium/Rate tab of the Charge Element form.
A Rate can be associated with a Job Code. You can view these rates (Labor Rate or Payroll Rate) on the Premium Master form but you cannot modify them.
Description
Description of the premium or rate.
Premium Type
For a Rate, this field displays Flat.
For a Premium, this field indicates whether the Premium Name will be a flat amount or a percentage; the actual premium amount is defined on the Element Premium/Rate tab of the Charge Element form.
Select Flat if you want the premium amount to be a flat rate.
Select Percentage if you want the premium amount to be a percentage of the employee’s Base Rate.
For example, if the premium’s Amount (defined on the Element Premium/Rate tab of the Charge Element form) is 2 and the Premium Amount Type (defined here) is Percentage, the Premium Rate will be 2% of the employee’s Base Rate. If the Premium Amount Type is Flat, the Premium Rate will be 2.00/hour.
Note: If your Pay Policy is configured for Special Pay, the above example assumes the number of hours for which the employee can receive Special Pay is unlimited. If the employee can only receive Special Pay for a limited number of hours, their Special Pay Rate will be prorated. See Limited and Unlimited Special Pay for more information.
System Required
When this box is checked, the record cannot be modified or deleted.
Update Date, Updated By
These fields display when the record was created or updated, and the person who created or updated the record.
Click Main Menu > Administration > Charge Element > Premium Master.
Select a Premium/Rate Name from the drop-down list at the top of the form, or leave this field blank to find all the Premium Master records.
Click Find.
Click Main Menu > Administration > Charge Element > Premium Master.
Click Add.
Enter a Premium/Rate Name and Description.
Note: You cannot use one of the Premium Names that is already used in trans_action_duration_dtl (BASE, HOURS_PREMIUM, SHIFT_PREMIUM, BASE_SHIFT_PREMIUM, or PREMIUM_SHIFT_PREMIUM).
The Premium/Rate field will display PREMIUM. You cannot add rate types; you can only add premiums.
Select the Premium Type (Flat or Percentage).
If you want to add more than one Premium Master record, click Save and Add to save your settings and keep the Add Premium Master window open. Or click Save to save your Premium Master record and return to the main form.
Click Main Menu > Administration > Charge Element > Premium Master.
Select a record and click Modify.
Change the Description and Premium Type.
Click Save.
You cannot delete a Premium if it is assigned to a Charge Element (via the Element Premium form).
Click Main Menu > Administration > Charge Element > Premium Master.
Select a record and click Delete.
Click OK to confirm the action.