Converting Annual FTE Salary to Monthly, Weekly, Daily, and Hourly Rates

Table of contents

Understanding FTE Salary Calculation

The API returns salary data as an annual FTE salary, which standardizes compensation to reflect a full-time work year. However, in many cases, this annual salary may have been derived from smaller units such as hourly, daily, weekly, or monthly wages. To reverse this calculation, you can use the following formulas:

• Monthly Salary: Annual Salary ÷ 12
• Weekly Salary: Annual Salary ÷ 50
• Daily Salary: Annual Salary ÷ 250
• Hourly Salary: Annual Salary ÷ 2000

These conversion factors are based on the following assumptions:

• A standard work month has 4 weeks.
• A standard work year has 50 weeks (accounting for 2 weeks of unpaid leave).
• A standard work week has 5 workdays.
• A standard workday has 8 working hours.

Example Conversion Code

Here is a Python snippet that demonstrates how to convert the annual FTE salary back into monthly, weekly, daily, or hourly rates:

def convert_annual_to_original_units(annual_salary, original_unit):
    if original_unit == 'month':
        monthly_salary = annual_salary / 12
        return monthly_salary
    elif original_unit == 'week':
        weekly_salary = annual_salary / 50
        return weekly_salary
    elif original_unit == 'day':
        daily_salary = annual_salary / 250
        return daily_salary
    elif original_unit == 'hour':
        hourly_salary = annual_salary / 2000
        return hourly_salary
    else:
        raise ValueError("Invalid original unit provided. Choose from 'month', 'week', 'day', or 'hour'.")

# Example usage:
annual_salary = 120000  # Example FTE salary
print("Monthly Salary:", convert_annual_to_original_units(annual_salary, 'month'))
print("Weekly Salary:", convert_annual_to_original_units(annual_salary, 'week'))
print("Daily Salary:", convert_annual_to_original_units(annual_salary, 'day'))
print("Hourly Salary:", convert_annual_to_original_units(annual_salary, 'hour'))

Output

Assuming an annual salary of $120,000:

• Monthly Salary: $10,000
• Weekly Salary: $2,400
• Daily Salary: $480
• Hourly Salary: $60

Conversion Details

Monthly Salary

To get the original monthly salary from the annual FTE salary:

monthly_salary = annual_salary / 12

Weekly Salary

To get the original weekly salary from the annual FTE salary:

weekly_salary = annual_salary / 50

Daily Salary

To get the original daily salary from the annual FTE salary:

daily_salary = annual_salary / 250

Hourly Salary

To get the original hourly salary from the annual FTE salary:

hourly_salary = annual_salary / 2000

Important Considerations

1. Salary Numbers as Guidelines

While the API provides salary information, it's important to remember that these figures aren't always precise. Salaries often involve negotiations, experience levels, and other factors that influence the final compensation. Therefore, the salary numbers should be viewed more as guidelines or ranges rather than exact figures.

2. Simplicity in Salary Data

The API standardizes salary data into annual FTE base values to keep things simple. This approach simplifies filtering and comparing job salaries across different positions and locations, making it easier to understand overall compensation trends.

Conclusion

By following the above guidelines and using the provided Python code, developers can easily reverse-engineer the salary data provided by the Jobdata API to match the original payment intervals or base rates. Use this tutorial as a reference whenever you need to translate annual salary data into smaller units for detailed analysis or display in your applications.

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