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  • FIRST POST
    • buel
    • By buel 25th Nov 11, 9:06 AM
    • 637Posts
    • 70Thanks
    buel
    How much do I earn per hour?
    • #1
    • 25th Nov 11, 9:06 AM
    How much do I earn per hour? 25th Nov 11 at 9:06 AM
    Hi,
    Please please can someone help me settle a dispute-
    My employer pays us a 'basic salary' of £1675 gross per month.
    This multiplied by 12 is £20100.

    Surely this means that our annual salary is £20100?

    By the same token, 20100 divide by 52 equalls 386.
    So 386 divide by 40 (hours) is 9.66 so is our pay per hour £9.66?

    And our annual salary is £20100?

    Am i missing something here please? Is it that obvious?
    Not yet a total moneysaving expert...but im trying!!
Page 1
    • Realbairn
    • By Realbairn 25th Nov 11, 9:13 AM
    • 199 Posts
    • 105 Thanks
    Realbairn
    • #2
    • 25th Nov 11, 9:13 AM
    • #2
    • 25th Nov 11, 9:13 AM
    your annual salary is based on your gross monthly wage x 12, not your basic. What's you boss saying your salary is?
    • lkmc01
    • By lkmc01 25th Nov 11, 9:15 AM
    • 955 Posts
    • 270 Thanks
    lkmc01
    • #3
    • 25th Nov 11, 9:15 AM
    • #3
    • 25th Nov 11, 9:15 AM
    I would say it is that simply. You're well paid!! I dont know anyone that earns more than me. I have a BSc, MSc and years of voluntary work. I get £9ph
    • SailorSam
    • By SailorSam 25th Nov 11, 9:17 AM
    • 21,130 Posts
    • 36,388 Thanks
    SailorSam
    • #4
    • 25th Nov 11, 9:17 AM
    • #4
    • 25th Nov 11, 9:17 AM
    Most people would say yes your correct, but by your hourly pay do you mean the hours you actually work.
    What about holidays ?
    Say for example you have 4wks holiday, in that case you're earning £20100 for only 48wks in work, so that means for you're getting £10.47 for each hour you 'work'
    Liverpool is one of the wonders of Britain,
    What it may grow to in time, I know not what.

    Daniel Defoe: 1725.
    • cr1mson
    • By cr1mson 25th Nov 11, 9:18 AM
    • 717 Posts
    • 530 Thanks
    cr1mson
    • #5
    • 25th Nov 11, 9:18 AM
    • #5
    • 25th Nov 11, 9:18 AM
    Do you actually work 40 hours or is that 35 hours plus an hours unpaid lunch each day? If so should be dividing by 35 to get £11.04 an hour.

    C
  • scheming_gypsy
    • #6
    • 25th Nov 11, 9:26 AM
    • #6
    • 25th Nov 11, 9:26 AM
    Hi,
    Please please can someone help me settle a dispute-
    My employer pays us a 'basic salary' of £1675 gross per month.
    This multiplied by 12 is £20100.

    Surely this means that our annual salary is £20100?

    By the same token, 20100 divide by 52 equalls 386.
    So 386 divide by 40 (hours) is 9.66 so is our pay per hour £9.66?

    And our annual salary is £20100?

    Am i missing something here please? Is it that obvious?
    Originally posted by buel
    pretty much... what's the dispute?
    • buel
    • By buel 25th Nov 11, 9:28 AM
    • 637 Posts
    • 70 Thanks
    buel
    • #7
    • 25th Nov 11, 9:28 AM
    • #7
    • 25th Nov 11, 9:28 AM
    Sorry for not explaining further.
    Where my confusion lies/where i went wrong is that my calculation of £1675 divide by 4 weeks is wrong as there isn't always 4 weeks in one month, some (such as this month) is a 5 week month.

    So is the true calculation £1675 x 12 months is £20100, then £20100 divide by 2080 working hours in a year equalls £9.66?

    Oh and we work 8am to 5.30pm mon to thurs and 8am to 12pm on a friday with 30 minutes for unpaid dinner.
    Not yet a total moneysaving expert...but im trying!!
    • agrinnall
    • By agrinnall 25th Nov 11, 9:35 AM
    • 15,641 Posts
    • 11,339 Thanks
    agrinnall
    • #8
    • 25th Nov 11, 9:35 AM
    • #8
    • 25th Nov 11, 9:35 AM
    You're not explaining anything, you're just giving us a bunch of calculations that say the same thing in different ways. If you want some help you will have to explain what the problem is.
    • cr1mson
    • By cr1mson 25th Nov 11, 9:37 AM
    • 717 Posts
    • 530 Thanks
    cr1mson
    • #9
    • 25th Nov 11, 9:37 AM
    • #9
    • 25th Nov 11, 9:37 AM
    Still confused what is the point? It is normal for salaries to be paid in equal 12 month instalments. Whenever I have been paid on that basis I never gave a thought to my hourly rate.

    C
  • scheming_gypsy
    You're not explaining anything, you're just giving us a bunch of calculations that say the same thing in different ways. If you want some help you will have to explain what the problem is.
    Originally posted by agrinnall

    they already did.
    they originally though their hourly wage would be month / 4 / 40 but then realised that there isn't 4 weeks in every month. So they wanted to confirm that the correct way to work it out would be:
    monthy wage * 12 months / 52 weeks / 40 hours = hourly rate.
    I don't think it's a massive issue, just something they were trying to work out for themselves.
    • getmore4less
    • By getmore4less 25th Nov 11, 10:00 AM
    • 26,262 Posts
    • 15,796 Thanks
    getmore4less
    Hi,
    Please please can someone help me settle a dispute-
    Originally posted by buel
    what dispute?
    • 19lottie82
    • By 19lottie82 25th Nov 11, 10:27 AM
    • 5,598 Posts
    • 8,577 Thanks
    19lottie82
    would say it is that simply. You're well paid!! I dont know anyone that earns more than me. I get £9ph
    Originally posted by lkmc01
    Really? Firstly, i don't have a clue what the majority of the people I know earn. Also, the average UK wage is £26,000 which equates to £14.28 per hour.

    How do you know the OP is well paid? they haven't disclosed what their job is?
    Last edited by 19lottie82; 25-11-2011 at 10:29 AM. Reason: missing txt
    • SailorSam
    • By SailorSam 25th Nov 11, 10:33 AM
    • 21,130 Posts
    • 36,388 Thanks
    SailorSam
    Also, the average UK wage is £26,000 which equates to £14.28 per hour
    Originally posted by 19lottie82
    But when the powers-that-be worked out that £14.28 did they take into consideration your holidays; lunch hours; ciggie breaks and even the time you went off to have a wee.
    Liverpool is one of the wonders of Britain,
    What it may grow to in time, I know not what.

    Daniel Defoe: 1725.
    • 19lottie82
    • By 19lottie82 25th Nov 11, 10:37 AM
    • 5,598 Posts
    • 8,577 Thanks
    19lottie82
    But when the powers-that-be worked out that £14.28 did they take into consideration your holidays; lunch hours; ciggie breaks and even the time you went off to have a wee.
    Originally posted by SailorSam
    Nope, it's just the official figure given. the same as the official figure I am given for my annual wage, and I'm sure you are too.

    I don't really understand your point here?
  • scheming_gypsy
    But when the powers-that-be worked out that £14.28 did they take into consideration your holidays; lunch hours; ciggie breaks and even the time you went off to have a wee.
    Originally posted by SailorSam
    they don't need to take half of that into consideration.
    if you're salaried then holidays etc don't matter as you're paid a salary, so your standard hourly rate equates to salary / weeks / hours = £ per hour.
    • buel
    • By buel 25th Nov 11, 10:44 AM
    • 637 Posts
    • 70 Thanks
    buel
    Thank you scheming_gypsy, that is wonderful. I wish people weren't so quick to jump on people on here.

    To clarify, yes im just trying to make sure that my 'calculation' is correct as a friend is insisting that we earn under £20,000 and it is more like £19,500 but my assumption is that no one can get past the fact that we get 12 monthly payments of £1675 which come to £20,100.
    Not yet a total moneysaving expert...but im trying!!
    • HappyMJ
    • By HappyMJ 25th Nov 11, 10:47 AM
    • 20,607 Posts
    • 17,206 Thanks
    HappyMJ
    Really? Firstly, i don't have a clue what the majority of the people I know earn. Also, the average UK wage is £26,000 which equates to £14.28 per hour.

    How do you know the OP is well paid? they haven't disclosed what their job is?
    Originally posted by 19lottie82
    I was thinking that as well. I wouldn't even get out of bed for £9 an hour. It just isn't worth it. £67.50 per day....£270.50 a week take home including student loan repayments...No thanks. That reflects my job though in that it is worth much more than £9 an hour.

    Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money.
  • scheming_gypsy
    Thank you scheming_gypsy, that is wonderful. I wish people weren't so quick to jump on people on here.

    To clarify, yes im just trying to make sure that my 'calculation' is correct as a friend is insisting that we earn under £20,000 and it is more like £19,500 but my assumption is that no one can get past the fact that we get 12 monthly payments of £1675 which come to £20,100.
    Originally posted by buel

    if you go to http://www.thesalarycalculator.co.uk/salary.php and stick 20100 into the salary box, it'll do the rest for you.
    • HappyMJ
    • By HappyMJ 25th Nov 11, 10:51 AM
    • 20,607 Posts
    • 17,206 Thanks
    HappyMJ
    Thank you scheming_gypsy, that is wonderful. I wish people weren't so quick to jump on people on here.

    To clarify, yes im just trying to make sure that my 'calculation' is correct as a friend is insisting that we earn under £20,000 and it is more like £19,500 but my assumption is that no one can get past the fact that we get 12 monthly payments of £1675 which come to £20,100.
    Originally posted by buel
    Ahhhh...before or after tax. When negotiating annual salaries you generally talk before tax. If you get £1,675 in your pocket every month then your annual salary is much higher.

    Your friend might be talking about multplying the hourly rate back up into an annual salary and it might appear to be £19,500. Does it really matter?

    Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money.
    • buel
    • By buel 25th Nov 11, 11:45 AM
    • 637 Posts
    • 70 Thanks
    buel
    HappyMJ, i did specify gross.

    Does it matter? Well if you dont want to help, just dont post. Simple.

    Does it 'matter'? Well in the grand scheme of things, no. But it's something id like help with so that's why i posted the question.

    Thank you to those who have helped.
    Not yet a total moneysaving expert...but im trying!!
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