Internal control, policy, and procedure accounting templates

Wage and Salary Policies

 

 

Overview

The Company attempts to pay competitive wages and salaries with those businesses in our community and industry. Wages and salaries are classified by position based on experience, responsibility, and physical and mental demands. Management reviews salary ranges once per year and makes any adjustment deemed necessary. Ask your manager, accounting or supervisor if you would like to know the ranges for your position.

Overtime Pay

All overtime must be authorized and directed by a supervisor. Non-exempt employees are paid time and on half for authorized hours in excess of 12 hours in one day and 40 hours in one week.

The maximum amount of overtime, which may be scheduled for any employee in any 24-hour period, is eight (8) hours. The maximum overtime that may be scheduled for any employee in any work week (Sunday through Saturday) is twenty (20) hours. 

Work required of a non-exempt employee on a Holiday is calculated at the actual number of hours worked, paid at the overtime rate.

Payday

Payroll weeks begin on Sunday and end on Saturday. Employees are paid weekly on following Friday. If you turn time cards in late, you will be delayed in receiving your paycheck.

Pay Advances

Pay advances are not generally given.

Payroll Deductions

Payroll deductions are made from each paycheck to comply with federal and state laws and certain benefits. Deductions will be made for:

    Federal and State Income Tax

    FICA (Social Security)

    Garnishments and Wage Assignments required by law or court order

    Other items designated by the employee

At the beginning of each year you will be supplied with a W-2 which summarizes your income and deductions for the previous year.

Wage or Salary Increases

Your rate of compensation will typically be reviewed periodically. Pay increases, if any, will be base on your performance and attitude, not your length of service.