The Salary Ratio is a mechanism used in the Retirement Scheme to cater for members working part-time. For periods of part-time employment, the Salary Ratio will reflect their part-time hours worked versus full-time hours worked. For example, a member working only three days per week would have a Salary Ratio of 60%. A member who is working full time will have a Salary Ratio of 100%.
While a member is working part time, the Salary Ratio will reduce the rate at which that member’s benefit points accumulate. It’s important to note that the Salary Ratio is used only to reduce the accumulation of benefit points during periods of part-time work and is never used to reduce the salary we use to calculate total benefits.