![]() ![]() Where state law requires a higher minimum wage rate, the higher standard applies.įor temporary staff, effective August 21, 2022, the Ann Arbor campus expects units to ensure that all temporary employees are paid at or above $15 per hour. Our wage schedules have been updated to reflect this change. The Fair Labor Standards Act (FLSA) establishes the minimum wage, overtime pay, recordkeeping and child labor standards affecting workers in the private sector and in Federal, State and local governments. The Federal minimum wage is $7.25 per hour for covered non-exempt employees. The university expects units to ensure that all regular staff are paid at or above the minimum full-time rate of $31,200 per year or $15 per hour. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.As part of the University-wide Career Family Classification System units may develop pay ranges that support their compensation philosophy using labor market referenced data available through M-Pathways. ![]() This minimum pay rate per hour for a person in Michigan is 13 USD. Salaried employees are usually exempt from overtime as opposed to hourly paid staff. One major difference between salaried employees and hourly paid employees is overtime eligibility. The figures mentioned above are good approximations and are considered to be the standard. The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. ![]() To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). Salaried jobs pay a fix amount regardless of the hours worked. ![]() Usually jobs are classified into two categories: salaried jobs and hourly jobs. The hourly wage is the salary paid in one worked hour. Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 ) Media / Broadcasting / Arts / Entertainment You should be able to recover the costs in roughly a year or so.Īirlines / Aviation / Aerospace / Defense Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. The decision really depends on your situation and experience among many other factors. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment. Many people pursue higher education as a tactic to switch into a higher paying job. In most cases, a salary review is conducted once education is completed and the degree has been attained. You can't really expect any salary increases during the study period, assuming you already have a job. Is a Master's degree or an MBA worth it? Should you pursue higher education?Ī Master's degree program or any post-graduate program in United States costs anywhere from 39,500 US Dollar(s) to 118,000 US Dollar(s) and lasts approximately two years. Only 5% of people grossed 219,000 USD or more. Ten percent of wages are from 171,000 USD to 219,000 USD. Approximatly 20% fall under the 66,600 USD cap. Around 65% of all reported figures are in the range 66,600 USD to 171,000 USD. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. Also from the diagram, 75% of the population are earning less than 152,000 USD while 25% are earning more than 152,000 USD. Reading from the salary distribution diagram, 25% of the population are earning less than 72,400 USD while 75% of them are earning more than 72,400 USD. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.Ĭlosely related to the median are two values: the 25th and the 75th percentiles. The median represents the middle salary value. The median salary is 100,000 USD per year, which means that half (50%) of the population are earning less than 100,000 USD while the other half are earning more than 100,000 USD. This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country. Salaries in Michigan range from 27,700 USD per year (starting salary) to 489,000 USD per year (maximum average salary, actual maximum is higher). Salary Range, Minimum Wage, and Starting Salary.Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range ![]()
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