pay periods and computation of rates

pay periods and computation of rates Sec. 601. (a) Employees in the postal field service shall be paid compensation in twenty-six installments. Each such installment shall be the compensation for a pay period of two weeks. (b) As basic compensation for a full pay period, an employee, other than an hourly rate employee, shall be paid an amount equal to one twenty-sixth of his annual basic compensation. As basic compensation for a portion of a pay period, such employee shall be paid basic compensation computed in accordance with subsection (d) of this section tor the number of days and hours of service for which he has credit. (c) As basic compensation for the pay period, au hourly rate employee shall be paid an amount equal to the product of his hourly rate of basic compensation and the number of hours of service for which he has credit. (d) For purposes of computing rates of compensation other than annual rates the following rules shall govern: (1) To compute an hourly rate of basic compensation for employees other than substitute employees, the annual rate of basic compensation shall be divided by 2,080. (2) To compute an hourly rate of basic compensation for substitute employees, the annual rate of basic compensation shall be divided by 2,016. (3) To compute the daily rate of compensation for postmasters, postal inspectors, and rural carriers, the annual rate of compensation shall be divided by 312. (4) To compute the daily rate of basic compensation for annual rate employees other than postmasters, postal inspectors, and rural carriers, the hourly rate of basic compensation shall be multiplied by the number of daily hours of service required. (e) Except for lump-sum payments for accumulated leave upon the termination of employment, an annual rate employee shall not be paid more than one twenty-sixth of his basic compensation as basic compensation for a pay period. (f) All rates shall be computed to the nearest cent, counting one-half cent and over as a whole cent. (g) When a pay period for employees to whom this Act applies begins in one fiscal year and ends in another, the gross amount of the eurnings of such employees for such pay period may be regarded as a charge against the appropriation or allotment current at the end of such pay period.