Longevity Pay – UNC Human Resources

To calculate prorated longevity, first calculate the full longevity amount the employee would receive at the next longevity anniversary.

Full Longevity = (Annual salary at time of separation) x (longevity %), rounded to the nearest dollar

Then calculate the prorated payment:

Prorated Longevity Payment = Full Longevity x (# of months now eligible / 12), rounded to the nearest cent

Example 1Employees TSSD is 2/1/93 and annual salary is $28,362. Last longevity payment received was in February 2003. Employee is terminating university/state employment on November 30, 2003.

Calculation is as follows:Full Longevity = $28,362 x 1.5% = $425.430, rounded to the nearest dollar = $425Prorated Longevity Payment = $425 x 10/12 = $354.166, rounded to the nearest cent = $354.17

Example 2Employees TSSD is 2/1/93 and annual salary is $28,362. Last longevity payment received was in February 2003. Employee is terminating university/state employment on November 10, 2003.

Calculation is as follows:Full Longevity = $28,362 x 1.5% = $425.430, rounded to the nearest dollar = $425Prorated Longevity Payment = $425 x 9/12 = $318.750, rounded to the nearest cent = $318.75

Notes:

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Longevity Pay - UNC Human Resources