Enter the hourly pay rate (\$/hr), the lump sum merit percentage increase (%), and the number of weeks of pay (weeks) into the Lump Sum Merit Increase Calculator. The calculator will evaluate the Lump Sum Merit Increase.

## Lump Sum Merit Increase Formula

The following formula is used to calculate the Lump Sum Merit Increase.

LSMI = (HR*PI/100) * W*40

Variables:

• LSMI is the Lump Sum Merit Increase (\$)
• HR is the hourly pay rate (\$/hr)
• PI is the lump sum merit percentage increase (%)
• HR is the number of weeks of pay (weeks)

## How to Calculate Lump Sum Merit Increase?

The following steps outline how to calculate the Lump Sum Merit Increase.

1. First, determine the hourly pay rate (\$/hr).
2. Next, determine the lump sum merit percentage increase (%).
3. Next, determine the number of weeks of pay (weeks).
4. Next, gather the formula from above = LSMI = (HR*PI/100) * W*40.
5. Finally, calculate the Lump Sum Merit Increase.
6. After inserting the variables and calculating the result, check your answer with the calculator above.

Example Problem:

Use the following variables as an example problem to test your knowledge.

hourly pay rate (\$/hr) = 20

lump sum merit percentage increase (%) = 5

number of weeks of pay (weeks) = 30

LSMI = (HR*PI/100) * W*40 =  ?