Calculation of labour costs

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Result: the total wage costs due to the increase in the minimum wage and the application of compensation will lower with : $ 4,918.81

Name Wages Nov 2023 WGP 2023 per year Wages Jan 2024 Wages July 2024 Wages Jan - Dec 2024 WGP 2024 per year Compensation
$ 2,000.00 $ 3,216.00 $ 1,571.00 $ 1,750.00 $ 19,926.00 $ 2,371.19 $ 298.89
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Totaal $ 2,000.00 $ 3,216.00 $ 1,571.00 $ 1,750.00 $ 19,926.00 $ 2,371.19 $ 298.89

Totals 2023 2024 Difference %

Gross wages $ 24,000.00 $ 19,926.00 $ (4,074.00) -17.0%
Employer's premium 2023 (WGP) 13.4% $ 3,216.00
Employer's premium 2024 (WGP) 11.9% $ 2,371.19
Total staff costs $ 27,216.00 $ 22,297.19 $ (4,918.81) -18.1%

The compensation due to the new WGP is: $ 298.89

Result: the total wage costs due to the increase in the $ 4,918.81
minimum wage and the application of compensation will
lower with :