Short term variable pay
It refers to all variable pay depending on individual/team/company performance: sales commission, performance bonuses, profit share, etc.
Short term variable pay = Performance bonus + Sales commission + Performance bonus + ...
Example:
Let's say we have an employee that received last year the following gross amounts:
- Basic pay (salary) per month - 1000
- Christmas bonus - 1000
- Performance bonus - 2000 - twice a year
- Sales bonus - 3000 - once a year
- Meal vouchers - 300 per month
From the above Short term variable pay are: Performance bonus and Sales bonus.
Short term variable pay = (2000 x 2) + 3000 = 7000
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