Major Ltd is a company that produces household goods in various departments. It needs to assess whether the hourly recovery tariff has been calculated correctly. The following information is provided for Martina who is an employee of Major Ltd: She works from Monday – Friday (8 hours per day for 5 days). The rate per hour in this company is R75. Holiday bonus equals to 10% of yearly gross salary. The employer makes the following contributions: Pension fund = R1000 per week Medical aid = R400 per week Other contributions = 5 % of yearly gross salary Holiday leave is 3 weeks annually. The company is closed for 10 public holidays and idle time is 5%. Required: Calculate the hourly recovery tariff. Assume that there are 52 weeks in a year. Note: round off all unit costs to TWO decimal places. Show ALL calculations.
Major Ltd is a company that produces household goods in various departments. It needs to assess whether the hourly recovery tariff has been calculated correctly.
The following information is provided for Martina who is an employee of Major Ltd:
She works from Monday – Friday (8 hours per day for 5 days). The rate per hour in this company is R75. Holiday bonus equals to 10% of yearly gross salary. The employer makes the following contributions:
Pension fund = R1000 per week
Medical aid = R400 per week
Other contributions = 5 % of yearly gross salary
Holiday leave is 3 weeks annually. The company is closed for 10 public holidays and idle time is 5%.
Required:
Calculate the hourly recovery tariff. Assume that there are 52 weeks in a year. Note: round off all unit costs to TWO decimal places. Show ALL calculations.
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