[HR] Automatic Bank Calculation

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The article concerns the following role(s): MHR MHR* MSA

The article requires the following module(s): TIME BANK

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Pro-rata Bank Calculation:

In Cangaroo, you have the option to configure a bank so that the allotted balance is calculated on a pro-rata basis according to the hire date. This only affects the bank at the time it is assigned to an employee.

Example of a Pro-rata Calculated Balance:

The start of the reference cycle is April 1.

The amount granted at the beginning of the cycle is 70.00 hours.

Suppose the employee was hired on June 14.

The pro-rata calculation is performed as follows:

(70 hours / 365 days) * (end-of-reference-period date - hire date)

(70 hours / 365 days) * 289 days.

0.191 * 289

Approximately 55.19 hours.

Automatic Vacation Bank Accrual Calculation:

In Cangaroo, you have the option to configure a bank so that the balance increases automatically (vacation bank).

Example Calculation:

An employee works 40 hours per week.

There are 52 pay periods in a year.

The employee is entitled to 6% vacation.

Calculation:

40 hours * 52 weeks = 2,080 hours worked per year.

2,080 hours * 0.06 = 124.8 vacation hours per year.

124.8 hours / 52 pay periods = 2.40 hours.

Thus, at the end of each pay period, the bank will increase by 2.40 hours.