COMPLETE: How new base pay is been calculated

It is calculated on base pay.

23%, January -June

For instance, if we give 23% and your base pay (single spine monthly salary) is ¢3,100.34

Your new base pay will be ¢3,100.34 plus 23%= ¢3,100.34+ 713.0782= *¢3813.42*

Gross pay = base pay + retention premium.

But, the retention premium will be = 15% of the new base pay ( ¢3813.42).

Retention premium= ¢3813.42×15%= *¢572.013*

Hence, New Gross pay= New base pay + new retention premium= ¢3813.42+ 572.013= *¢4385.433*

Therefore, your new gloss pay will be 4385.433 effective January 2024.

2%, July- December

It is calculated on base pay.

For instance, if we are giving 2% and your base pay (single spine monthly salary) is ₵4385.433

Your new base pay will be ¢4385.433 plus 2%= ¢4385.433+ 87.70= ₵4,473.133

Gross pay = base pay + retention premium.

But, the retention premium will be = 15% of the new base pay ( ¢4,473.133).

Retention premium= ¢4,473.133×15%= ¢670.97

Hence, New Gross pay= New base pay + new retention premium= ¢4,447.133+ 670.97= *¢5,118.10*

Therefore, your new gross pay will be 5,118.10 effective July 2024.