Question

Next year baldwin plans to include an additional performance bonus of 0.25% in its compensation plan. this incentive will be provided in addition to the annual raise, if productivity goals are reached. assuming the goals are reached, how much will baldwin pay its employees per hour?

Answer 1

If Baldwin currently pays his employees with $50/hour and he promised to give an additional performance bonus of 0.25% if the productivity goals are reached. Assuming that he has 500 employees, he needs to pay his employees:

$50 * (1+0.0025) = $50.125/hour will be the new rate of each employee,
if he has 500 employees:

500 * $50.125 = $25,062.50 

He has to pay a total of $25,062.50 per hour in total.  

Answer 2

The correct answer is $25,062.50.

Baldwin will pay a total amount of $25,062.50 per hour to its 50 employees.

Further Explanation:

Baldwin plans to include an additional performance bonus of 0.25%. He pays an amount of $50 per hour, and now he plans to pay an extra performance bonus of 0.25%. Therefore Baldwin will pay:

Step 1:

Amount to be paid to each employee per hour:

Amount paid to each employee per hour = Pays the employee per hour × (1+ Additional  

Performance bonus)

= $50 × (1+0.0025)

= $50.125 per hour to each employee

Step 2:

Amount to be paid to his 50 employees:

Amount paid to 50 employees per hour= Number of employees × Amount paid to each        

                                                                      Employee per hour

= 50 × $50.125

= $25,062.50 per hour

Therefore, Baldwin will pay a total amount of $25,062.50 to its 50 employees per hour.

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Answer Details:

Grade: High school

Chapter: Job satisfaction

Subject: Business studies

Keywords:

Next year Baldwin plans to include an additional performance bonus of 0.25% in its compensation plan, this incentive will be provided in addition to the annual raise, if productivity goals are reached, assuming the goals are reached, how much will Baldwin pay its employees per hour, $25,062.50 per hour, he plans to pay an extra bonus to its employees as an additional performance bonus of 0.25%.