Hourly rate
Hourly rate is a method of calculating payroll by the hour. Like those who calculate payroll by the hour, employees can agree with the employer on the hourly wages, but the hourly wages should not be lower than the basic hourly wages.
The legal minimum wage in Hong Kong is based on hourly rate. The basic principle is that the wages of an employee in any wage period are calculated on average based on his total working hours and shall not be lower than the legal minimum wage.
Daily rate
Daily rate refers to a form of short-term employment in which the company uses daily wages as the calculation standard and pays employees every day according to actual working days.
Monthly rate
Monthly rate is a salary paid on a monthly basis.
The monthly rate refers to a method of calculating the wages of employees according to their fixed monthly standard wages deducted from absence wages.
Annual rate
Annual rate, also known as annual wages, refers to the way in which the company calculates payroll based on the year. It is mainly used for the income distribution of company managers and senior employees of the company.
The annual rate is a relatively common way to pay the salaries of business operators in the world. It is a salary distribution method that links the wages of the operators with the business performance of the company based on the annual assessment cycle. It usually includes basic income and benefit income ( risk income) in two parts.
Workstem
Good introduction: Workstem one-stop human resources management system supports multiple types of payroll calculations such as monthly rate, daily rate, hourly rate, commission, etc., and one-click payment to achieve accurate calculation.
Read more:
Payroll/Payslip/Payroll Statement
Hourly Rate Employees: Does the Employer Need to Pay for Working on Statutory Holidays?
Can an Employer Deduct Wages Because an Employee is Late for Work?
Can Employer Deduct Salary Because an Employee is Late for Work?