'Taxman to take almost half a new graduate’s starting salary'

Oldernotwiser

Gemmzie wrote: »

The £27k is in five years time for new graduates then not now.

Do you seriously see salaries rising by 20% in the next 5 years? I don't.

tinkerbell84

Oldernotwiser wrote: »

Do you seriously see salaries rising by 20% in the next 5 years? I don't.

I'd guess it includes some expected progression/promotion

Oldernotwiser

tinkerbell84 wrote: »

I'd guess it includes some expected progression/promotion

If that's the case, then fine. Gemmzie said £27,000 for new graduates in 5 years time; I presumed that s/he meant people graduating in 2013.

Gemmzie

That's what the article implies

I think it's all carp anyway

aqueoushumour01

Oldernotwiser wrote: »

Do you seriously see salaries rising by 20% in the next 5 years? I don't.

they are probably assuming wage increases of just under 4% per year, slightly above inflation - so in today's terms a salary of £23,500 assuming an annual inflation rate of just over 3%.

Oldernotwiser

aqueoushumour01 wrote: »

they are probably assuming wage increases of just under 4% per year, slightly above inflation - so in today's terms a salary of £23,500 assuming an annual inflation rate of just over 3%.

Whatever they're assuming, I doubt that very many people will get increases anything like 4%pa in the next few years!

aqueoushumour01

yes, it does seems a bit on the high side !

PurplePow

Ha, I wish upon graduating we all earned £27k!

I'll be stuck with a 12k job... and 10k of student debt >:(

Wiggynut

ringo_24601 wrote: »

So, tax...
National insurance
income tax
council tax
VAT
petrol
alcohol

I'm pretty sure everyone is paying at least 50% of their pay to the government some how.. graduates aren't special. I thought the 'average' salary of 27k was a big high though

the times was talking about 50% tax only... they are not including student loan, council tax etc!

people pay 22% tax on their wages (higher for a 2nd job) even emergency tax isn't 50%!
I certainly havn't paid 50% tax for the last 22 years!

Wiggynut

tinkerbell84 wrote: »

It's sensationalist journalism - they've included bills that don't come off your pay, and these are bills that everyone pays!

really.. .you'd think the Times would be able to report a straight story! that's what got me... of course people have other bills to pay but to say it's tax is just silly.