Overview

spot-rate


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A single rate of pay for a job or grade expressed as an hourly rate, a weekly wage, or an annual salary. The defining feature of a spot-rate is that there is no scope for salary or wage progression through a pay scale or pay range. However, employees may have the opportunity to increase their earnings above the spot-rate through premium and other supplementary payments or by earning non-consolidated cash bonuses.

Subjects: Human Resource Management.


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