Minimum wage and job security

Xbigman

Two parts to this.

If someone earn't the minimum wage of £5 and hour and worked a 40 hour week with no pension, what could they expect to take home.


And my main question. What is financial security?

My opinion (for which I was shot down in work) was that financial security was being able to live on the minimum wage.
What do others think?
Regards



X

scbk

Dunno if this is of any use to ya, but the last pay slip I could find:

Payment total = 954.17

PAYE = £99.22

Nat Ins. = £60.08

Deduction total = £159.30


Net pay = 794.87


That was for mon-fri 9-5.30 & sat 8-12.30(ish)

Which is 40hours ish when you deduct breaks etc

SMBW

Before I was self-employed, I regularly used the PAYE calculator at http://www.listentotaxman.com/. According to this, if you aren't on any special tax codes, etc, you would take home £169.87 per week (40 hrs at £5 per hour), which is £8,833.38.

I agree with you that financial security is about being able to live within your means. It doesn't matter how much you earn. I have a low income (less than £8k) but I live very well because I have worked hard to ensure my overheads are also very low. Even on the minimum wage, if you can think of a worse case scenario and say "yeah, I could cope with that", then you're financially secure. That's my opinion, anyway.

alanobrien

Xbigman wrote:

And my main question. What is financial security?

My opinion (for which I was shot down in work) was that financial security was being able to live on the minimum wage.
What do others think?
Regards X

Being able to live on your own resources surely ?

Since your definition implies being employed and a job is never guarenteed however much you are paid.

Juni_3

Xbigman wrote:

My opinion (for which I was shot down in work) was that financial security was being able to live on the minimum wage.

What did the people at work think?

My view is that you haven't achieved financial security until you can support yourself without help (including employment) from anyone else.

I achieved this 3 months ago and it's a great feeling! :snow_laug


Juni

Xbigman

Juni wrote:

What did the people at work think?

My view is that you haven't achieved financial security until you can support yourself without help (including employment) from anyone else.

I achieved this 3 months ago and it's a great feeling! :snow_laug


Juni

Where I work there is a worrying division appearing. Basicly everyone is either in debt and mostly not worried about it and still spending, or else they have money/property and are quite well off but relatively carefull with their money.

From one group financial security was regular overtime (seriously). And to the other it was insurance (which they could afford) and income from other sources (3 of 5 had by to lets).
Regards



X

micheleen

IMHO financial security means you have enough income not to depend on working for a living.

Juni_3

Xbigman wrote:

Where I work there is a worrying division appearing. Basicly everyone is either in debt and mostly not worried about it and still spending,

Really does worry me the amount of people in debt who just don't seem to care. I suppose they think that Tony and Co will look after them.

Savvy_Sue

To me it's a mixture of having enough money from whatever source, and being reasonably confident you'll still have enough 3 months down the line. In some lines of work that's just never there, and I'll probably never really feel we're 'secure' after DH was unexpectedly made redundant a few years back. Haven't thought about post-retirement, but don't suppose DH ever will!

mummytofour

To me it having enough money to pay the bills for this month and knowing that I will have money coming in the next month.