What does your Salary really pay?

niksyg

My hourly rate is £8.89 when worked out as salary/(hoursx52), or £9.98 if worked out using statutory holiday - not great really! However, I get more than just the statutory amount of holiday, 2 x bonus payments a year and pension scheme so I won't complain too much! Does make me think I should take it easier at work though as I blatantly work harder than £9 an hour merits!

catflea

Mudd14 wrote: »

Really annual hours should be worked out multiplied by 46.4 (52 minus 5.6 weeks statutory holiday). I have shown my rate on both hours.

52 weeks - £13.19
46.4 weeks - £14.78

If Statutory holiday really is 5.6 weeks I've been properly had by all my employers! I'm pretty sure its 4 weeks (what I'm on now)

According to the formula here my wage is £8.24

Factor in my 4 weeks paid holiday and its £8.92 (Big Jump eh!?)

Thats working on my basic - if I figure in average incentives it goes up to £10.42

Then when I factor in the travel to work it goes down to £8.97

so, its costing me 14% of my wages just to get to work! :mad:

This is of course before Her Majestys Government lays any of their grubby little mits on it!

nick.evans

well mine came out at 25.76 over the 52... As a salary covers holiday you could probably argue that you're paid an hourly rate when on holiday just not required to go to work. Otherwise you'd have to discount the bank holidays and any sickness.

jackieblack

catflea wrote: »

If Statutory holiday really is 5.6 weeks I've been properly had by all my employers! I'm pretty sure its 4 weeks (what I'm on now)

http://www.direct.gov.uk/en/Employment/Employees/Timeoffandholidays/DG_10029788

The basics of holiday rights


There is a minimum right to paid holiday, but your employer may offer more than this. The main things you should know about holiday rights are that:

• you are entitled to a minimum of 5.6 weeks paid annual leave (28 days for someone working five days a week)
• part-time workers are entitled to the same level of holiday pro rata (so 5.6 times your usual working week, eg 22.4 days for someone working four days a week)
  

N.B. bank and public holidays can be included in your minimum entitlement

catflea

Thanks for that Jackie - I screwed up! Just checked, I'm on 210 hours - 6 weeks :T