How to calculate a pay rise?

disney1st timer · 23 Jun 21, 01:31 PM

As the title says, how can I calculate what an annual pay rise will mean in my monthly pay packet, taking into consideration tax, pension etc etc? I’ve had a £2k annual raise but am guessing this will not mean much monthly?

Princess Ariel · 23 Jun 21, 01:34 PM

There’s a website called salary calculator and I usually find that quite accurate

ClaireNJ · 23 Jun 21, 01:48 PM

Originally Posted by Princess Ariel

There’s a website called salary calculator and I usually find that quite accurate

Yes I use this all the time when Hubbie gets a rise and I need to find out how much extra I’ve, sorry we’ve got to spend 🙊💰💰
2K a year is about £40 a week minus tax NI & pension contributions
Hopefully be about £100
Well done on getting a rise especially in this difficult conditions 🤩😀

disney1st timer · 23 Jun 21, 01:58 PM

Originally Posted by ClaireNJ

Yes I use this all the time when Hubbie gets a rise and I need to find out how much extra I’ve, sorry we’ve got to spend 🙊💰💰
2K a year is about £40 a week minus tax NI & pension contributions
Hopefully be about £100
Well done on getting a rise especially in this difficult conditions 🤩😀

Thanks both, I’ll take a look. £100 will do nicely towards the Florida fund! Thank you, yes very fortunate we’re doing ok. We usually get a raise in November but due to Covid (of course) they waited a little longer to review.

gl20 · 23 Jun 21, 02:42 PM

The amount will vary quite a bit based on current earnings. Eg for someone in min wage, £2k would likely be £2k as no tax or even NI. For someone on £150k plus it’s going to be £1,080 net of tax. For anyone else, it will be somewhere in between. These are the annual figures and ignore pension as depends how much you contribute. Best to use that on-line calculator

shack69 · 23 Jun 21, 03:04 PM

salary calculator is good. But please consider your pension. If you can afford to not have the £2K payrise put it into a pension as that means you get the full amount without the tax man getting their hands on it. Obviosuly you have to wait for the money but hopefully that will increase in value.

disney1st timer · 23 Jun 21, 03:28 PM

Originally Posted by shack69

salary calculator is good. But please consider your pension. If you can afford to not have the £2K payrise put it into a pension as that means you get the full amount without the tax man getting their hands on it. Obviosuly you have to wait for the money but hopefully that will increase in value.

Thank you, something to consider

wanye · 23 Jun 21, 03:41 PM

take the total, divide by 12, and then take (roughly) a third off for tax/NI

2000 / 12 = 166.66
166.66*0.66 = ~£110 extra a month

23 Jun 21, 02:42 PM	#5
	23 Jun 21, 02:42 PM gl20 Apprentice Imagineer
gl20 Apprentice Imagineer Join Date: Jun 13	The amount will vary quite a bit based on current earnings. Eg for someone in min wage, £2k would likely be £2k as no tax or even NI. For someone on £150k plus it’s going to be £1,080 net of tax. For anyone else, it will be somewhere in between. These are the annual figures and ignore pension as depends how much you contribute. Best to use that on-line calculator

23 Jun 21, 03:04 PM	#6
	23 Jun 21, 03:04 PM shack69 Imagineer
shack69 Imagineer Join Date: Sep 11	salary calculator is good. But please consider your pension. If you can afford to not have the £2K payrise put it into a pension as that means you get the full amount without the tax man getting their hands on it. Obviosuly you have to wait for the money but hopefully that will increase in value.