According to Horowitz, Horowitz & Associates, the value of a claim under the Illinois Workers' Compensation Act is calculated based on five factors: the reported level of impairment, the occupation of the injured employee, the age of the employee at the time of the injury, the employee's future earning capacity and the evidence of disability in the medical records. No single factor can be used to calculate a value.Know More
The value is determined by the totality of these five factors as they relate to each individual claim. Horowitz, Horowitz & Associates notes that these five factors are contained in the amended Illinois Workers' Compensation Act, which requires the Illinois Workers' Compensation Commission to base its benefit determinations on all of the factors. The reported level of impairment is determined according to section 8(e) of the Act, which is called the schedule of injuries.
The Illinois Workers' Compensation Commission assigns each body part a number of weeks it is worth according to the date of the employee's injury. For example, a leg is assigned a maximum value of 215 weeks. An individual who breaks a leg and recovers rapidly may be offered a settlement of 5 percent of a leg. Horowitz, Horowitz & Associates further notes that settlements tend to be higher when some of the other factors have a bearing on the case, as the reported level of impairment does not take all factors contributing to the employee's financial loss into account.Learn more about Salaries
A pro rata salary is calculated by dividing someone's annual, full-time salary by any portion of an employment period that is less than a year, according to Discovering People. For example, if a full-time employee makes $52,000 per year, the pro rata salary for one week is $1,000 because there are 52 weeks in a year. Divide $1,000 by 40 hours per week, and the hourly wage is $25.Full Answer >
Overtime pay is calculated by multiplying the hourly wage of an employee by 1.5. Federal law sets the standard working week at 40 hours, so any time worked past this point is considered overtime. However, some employees are exempt, typically those on a salary or fixed wage.Full Answer >
Chinese overtime is calculated at half of the employee's hourly wage for that week. Chinese overtime is also referred to as the "half-time method" of calculating overtime. A more professional and politically correct term is the fluctuating work week, or FWW, method.Full Answer >
Military retirement pay tables are based on the number of years of service in the military and the service member's salary. Disability compensation tables are based on the service member's disability percentage and number of dependents. The disability compensation tables are updated each year.Full Answer >