The formula to calculate the regular rate of pay (RRP) is:
\[ RRP = \frac{TPE}{HW} \]
Where:
The Regular Rate of Pay (RRP) is the hourly rate at which an employee is compensated for their work. It is calculated by dividing the total pay for employment by the number of hours worked. This measure is essential for understanding an employee's effective earnings on an hourly basis.
Let's assume the following values:
Using the formula to calculate the regular rate of pay (RRP):
\[ RRP = \frac{TPE}{HW} = \frac{800}{40} = 20 \text{ \$/hr} \]
The Regular Rate of Pay (RRP) is $20 per hour.