What is retro pay?

[alenaghose]

Can someone explain it.

 

[Gsusangrey]

Retro pay (retroactive pay) is compensation for previously underpaid work due to raises, bonuses, or payroll errors. It covers the difference between what was paid and what should've been paid over a past period.

 

[daisyfrank]

Retro pay, or retroactive pay, is compensation given to an employee for wages they were owed in a previous pay period due to a missed raise, incorrect pay rate, or payroll error.

 

[Jarwish]

Retro pay or retroactive pay is a compensation an employee receives on work done on a past payment period which was not actually properly paid on the past payment period. It mostly comes as a result of payroll problems, delayed pay raises, overstated working hours or future promotions. The difference between the amount paid and that which the employee ought to earn is covered by retro pay.

 

[stevesmith]

Retroactive pay (or retro pay) is the money owed to an employee for work they’ve already performed but weren't paid correctly or fully at the time. It usually happens when there's been an error, delay, or adjustment in the pay rate, benefits, or hours worked.

 

[Gaurav]

Retro pay (or retroactive pay) is the payment owed to an employee for work they've already performed, but for which they were not paid on time or in full. This can occur due to errors in pay, salary adjustments, or changes in employment terms. For example, if an employee’s salary is increased but the change is applied retroactively, they would receive a lump sum for the difference between their old and new pay rates for the previous period.

 

[kate]

Retro pay, also known as retroactive pay, is the compensation an employee receives to correct an underpayment from a previous pay period. This typically happens when there has been a change in pay, like a raise or a bonus, but the change wasn't applied to the employee's paychecks immediately.