You can add, delete, and update the effective date of the hourly labor rates for person–type resources (employees). You also can define multiple hourly labor rates for the same employee, as long as each rate has a different effective date.
If you use actual costing, the hourly labor rate rather than the standard rate is used to compute the actual cost of person–type resources charged to discrete jobs and repetitive schedules. You can enter an employee number when performing a person–type resource transaction in the Resource Transactions window or the Resource Transaction Open Interface process. The employee’s most current hourly labor rate is used to compute the actual cost of the transaction.
You can define multiple hourly labor rates for the same employee as long as they have different effective dates. You can define a labor rate to the smallest currency denomination. For example, you can define a US dollar rate to the penny. You can only update or delete future labor rates.