accountinglads 0 Posted Monday at 12:57 PM Share Posted Monday at 12:57 PM Retro pay meaning is the name given to the extra funds an employee gets when a new rate of pay is given for an earlier pay period. Using salary adjustments, the system sets things right if someone was paid incorrectly. When approval is given for a raise in April, retro pay makes up for the time between the approval and the implementation of the raise by adding any raise amounts earned in February and March. Sometimes, unintentional mistakes counting hours, errors with overtime or changes to earlier union agreements can cause this type of payment. Quote Link to post Share on other sites
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