Georgia Annual Incentive Compensation Plan
Description
How to fill out Annual Incentive Compensation Plan?
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FAQ
Brian P. Kemp's proposed $32.5 billion budget for Fiscal Year (FY) 2024 offers a muted response to deep deficits in the capacity of state government to meet Georgians' needs. The governor forecasts a sharp drop in tax collections from FY 2022 to 2023, and a relatively flat budget in 2024.
Incentive compensation is a form of variable compensation in which a salesperson's (or other employee's) earnings are directly tied to the amount of product they sell, the success of their team, or the organization's success.
The base salary for FY 2024 is $41,092 for 10 months of employment. Governor Kemp has made teacher pay raises a primary education policy goal and successfully led the General Assembly in allocating raises of $3,000 in FY 2020, $2,000 in FY23 and $2,000 for this next year's budget.
With an annual incentive pay plan, employees earn a payout, often expressed in terms of percentage of salary, when they achieve performance-related goals. This payout is in addition to their base pay.
The $2,000 COLA salary increase applies for all active, regular, benefits-eligible faculty and staff at Georgia State. The increase will be prorated based on full-time equivalency (FTE).
Cost of Living Adjustment - Effective 7/1/2023 The 1.5% increase is effective 7/1/2023. Current recipients will see this change on the payment issued on the last banking day of July 2023.
The $32.4 billion total represents a 7% uptick from the 2023 budget of $30.2 billion. Gov. Brian Kemp's budget includes a $2,000 pay raise for state employees and a $500 cost-of-living increase for retirees.
To calculate a sales-based incentive payment, multiply the total sales profit times the percentage of commission. For example, Kiera is responsible for $80,000 in sales for this year. Her sales incentive is 10%, therefore her incentive payment would be $8,000.