VIPKID Payment
Remuneration & Benefits An Overview 1. Class Time - 25 minute minutess of teachi teaching ng time time - 28 minutes maximum classroom time (tech (tech issues, late student, etc.)
2. Payment - Payment is submitted by the15th of the following month - Payment arrival and transfer varies depending on teacher’s bank -$12 added for transfer fee based on calculation of average wire transfer fee -No transfer fee for payment made using the ACH number
3. Class Class Paymen Paymentt
- Classes Classes with t he follow ing fi nish t ypes result i n 100% 100% payment: payment: AS A S SCHEDULED, SYSTEM PROBL PROB L EM, STUDENT NO SHOW (for (fo r Majo Maj o r Cour Co urse), se), STU STUDE DENT NT IT PROBLEM PROBLEM (for Majo Majorr Cour Co urse) se) Classes with the t he following follow ing finis fi nish h types result in 50% payment: payment: -Classes STUDEN STUDENT T NO SHOW SHOW (tri al cl ass), ass ), STUDEN STUDENT T IT PROBLEM PROBLEM (trial (tr ial class cl ass))
- Classes Classes with the follow ing finish fin ish types typ es do not receive payment: payment: TEACHER NO SHOW, TEACHER NO SHOW_2H, TEACHER CANCELLATION, TEACHER CANCELLATION_24H, TEACHER IT PROBLEM
Class Payment Rate (Based on Finish Type) Trial Class Finished As Scheduled
Payment Rate
100%
Major Course Class
Payment Rate
Finished As Scheduled
100%
Student IT problems
50%
Student IT problems
100%
Student No-Show
50%
Student No-Show
100%
System Problems
100%
System Problems
100%
Student NoShow_24H
0%
Student NoShow_24H
0%
Teacher IT problems
0%
Teacher IT problems
0%
Teacher Cancellation Teacher Cancellation_24H
0% 0%
Teacher Cancellation Teacher Cancellation_24H
0% 0%
Teacher No-Show
0%
Teacher No-Show
0%
Teacher NoShow_2H
0%
Teacher No_Show_2H
0%
4. incentive inc entive
- $2 incentive t otal: - $1 Participation incentive - For each each class cancelled cancelled between between 24 and 2 hours (Cancellatio (Cancellation_2 n_24h) 4h),, $2 per class i s taken from fro m partici parti cipatio pation n incentive - For each each no-show, or class cancelled cancelled with 2 hours prior notic no tice e (Te (Teacher acher No Show _2h), _2h), $10 $10 per class is taken from fr om participation participation incentive -$1 -$1 Finished Finis hed Classes inc entive - If 3030-44 44 classes are are finished finis hed as as scheduled/ sc heduled/stud student ent no show / student st udent IT probl pr oblem/ em/sys system tem problem, pro blem, $.5 $.5 incentive inc entive is earned earned for each each fi nished nish ed class - If 45 45 or more mo re classes classes are finished fini shed as as scheduled/ sch eduled/stud student ent no show /student IT problem/ prob lem/system system probl pr oble em, $1 $1 incentive is earned earned for fo r each each finished fini shed cla cl ass
How much muc h is i s my m y pa p ayment? yment? Class Pay = Minimum payment x Class Pay Rate **+ 2 If Short Notice Monthly Pay = Total Class Pay + Monthly incentive
Monthly incentive has two parts
We need to know the amount of finished classes before calculating any incentive. Both parts of the incentive are calculated separately.
* What is “Finished Classes”? # of Finished Classes = Total Amount of Classes with a payment rate % above 0 Included finish types: AS SCHEDULED, STUDENT NO SHOW, STUDENT IT PROBLEM, and SYSTEM PROBLEM
Monthly Incentive Part I: Participation Initial incentive: $1 x (# of finished finished classes) classes) - subtractions subtractions for cancellations/no shows = Participation Incentive
Incentive Part I: Participation Cont. The Possible Subtractions » Teacher No Show (NS) Reduction = $10 * (# of Teacher No Show) » Teacher NS_2H Reduction = $10 * (# of Teacher No Sho w_2H)
Cancellation_24H = $2 * (# of Teacher Cancell » Teacher Cancellation_24H ation_24H)
Incentive Part II: Finished Classes Situation A
# of finished classes < 30
No incentive
Situation B
Situation C
# of finished # of finished classes >=30 classes >= 45 but <45
$0.5 * # of finished classes
$1.0* # of finished classes
Example 1 – Incentive Calculation John had 47 total classes in December. 3 of those thos e classes are Teacher No Show_2H. He has no other type of teacher cancellations or IT problems. How much incentive does John receive? # of finished classes = 47 – 3= 44 finished classes Incentive for Participation = $44 – ($10 * 3) = $14 Incentive for Finished Classes = $0.5 * 44 = $22 Total incentive for December = $14 + $22 = $36
Exampl Example e 2 - Incenti Incentive ve Cal Calcula culation tion Mary had 60 total classes in December. Among them are 3 Teacher Cancellation_24H, Cancellation_24H, 1 is Teacher Cancellation, and 11 are Student No Show. # of finished classes = 60 – 3 – 1= 56 finished classes Incentive for Participation = $56 – ($2 * 3) = $50 Incentive Incentive for for Finished Finished Classes Classes = $1 * 56 = $56 Total incentive for December = $50 + $56 = $106
When do I receive payment? » You will will rec recei eive ve pa paym ymen entt mon month thly ly.. » Paym Paymen entt is is subm submitt itted ed by the the 15 15th of the following month.
Important Deadline In order for us to ensure punctual payment, please let us know of any problems by 4am on the 8th (Beijing time). Any problems brought to our attention after this deadline can only be adjusted in the following month.
When do I check my finish types? » Shou Should ld c che heck ck fini finish sh typ types es eve every ry wee week. k. » Crea eate te a FFrresh eshdesk esk tic icke kett fo for the the Education Team whenever there are discrepancies.
How do I check my payment? » Teach Teachers ers can view view their their curren currentt paymen paymentt and finished classes in their own Teacher Portal
Always remember: » Create Create a tick ticket et on Fresh Freshdes desk k to to let let us kno know w whenever you change your bank information before 7pm of the 1st (Beijing time) for the next payment period. » To ch chec eck k fini finish sh type typess week weekly ly.. » To cou count nt cla class ss num numbe bers rs in in Beij Beijin ing g time time.. » Crea Create te a FFre resh shde desk sk tick ticket et for for Edu Educa cati tion on when wheneve everr you need help.
