A Rate Component Group consists of Rate Components and additional rate variables that collectively influence the calculation of a bill rate or pay rate. Rate Components are used to adhere to local or national regulations governing the workforce.
For instance, in the UK, Latinum Logistics has four main rate components:
- MSP Fee
- Pension cost of service
- A Markup percentage
When multiple rate components are in use, they can be arranged into levels to manage the sequence of calculation. However, there is an exception: Rate component types such as MSP Fees do not require a level designation as they are applied last.