Retro Pay is additional compensation given to an employee for work performed in the past, often due to a pay raise, error correction, or delayed payment.
- What is retro pay?
Answer: It is additional pay for past work due to raises or errors. - What are examples?
Answer: Examples include back pay for a promotion delay. - How is it calculated?
Answer: It is based on the difference between old and new rates. - What are the benefits?
Answer: It corrects inequities and boosts trust. - What role does HR play?
Answer: HR identifies issues and processes payments.
