New job working out term time pay Help

coxy69

Hello all

I currently work for a preschool with a term time only contract.I am paid 12 equal payments a year of £505 (39 wk worked with 1 wk holiday pay..bank holidays are paid). £7.25 an hour

I have been offered a new job where i would be working 31 hours a week at an hourly rate of £7.10. (39 weeks worked, 4 weeks paid holiday tho bank holidays are not paid). This job is paid for the hours worked and not equal payments over the year and paid weekly - so i would have to set an amount aside each month for when i am not working.....holiday pay is paid July/August. How much will i earn each week and how much of that would i have to set aside for unpaid weeks?

Am i financially going to be that much better off after tax etc? I keep working it out and keep coming back to a figure where i would be working an extra 11 hours a week for a paultry amount more or an hourly rate of £4.04 for the extra.

Any help would be appreciated as i have to either accept or reject this job and give notice etc.

Many thanks

L

Little_Miss_Uni-Debt

In your current job at £7.25 how many hours per week do you work?

***EDIT*** after a re-read, I guess you work 20 hours p/w currently.

Little_Miss_Uni-Debt

Hi Coxy,

I know it doesn't seem right but I get the following figures (I HAS to be worked out weekly because it gets messy dividing months and multiplying by weeks)

Currently - £505 pcm = £155.38 earned on 39 weeks of the year, spread across 52 weeks = £116.53 (So your company saves £38.85 per week for you and pays it to you in the hols) You get 13 hols here including bank hols. Also note this is below the tax threshold so no tax is incurred.

New job (monthly pay depends how many pay days you get, 11 maybe?) Take home pay roughly £710 pcm after tax.
31 x £7.10 = £220.10 earned on 39 weeks of the year, minus tax 191.27, spread across 52 weeks = £143.45 (you save £47.82 each week to cover your hols. You get 20 hols here including bank hols.

Depending on how many pay days you have, you will only be £25 to £30 better off each week (around £1.5k per year) by doing those extra 11 hours. It's ALL going in tax an NI.

coxy69

Thanks for your reply :-)

I think i worked it out to be pretty similiar and when i broke the extra hours down each month worked it out that i would be working those hours for approx £4 odd per hour.....especially after tax etc.

At this new job i don't think i get paid bank holidays either.

Its just working it out straight in my head for all the extra it puts on my day sorting the schooling out etc.

Honestly never thought i would have the mentality of not being that bothered about an extra £25 - £30 but seems like going over the tax threshold makes a big difference.

The figure that you gave of £143 was that with an amount already set aside for the holidays?

Thanks once again for your help and patience. :j

L

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Just seen that you said weekly £143 (saving £47 a wk)....so if i do the maths on that 143x4=572.
So from my original wage of £505 at my old place on less hours, i would be £67 a month better off for working 44 extra hours....doesn't sound that good now! lol

Little_Miss_Uni-Debt

Hi Coxy,

That's the trouble with working out weeks into months. A month isnt classed as 4 weeks. It's like 4.3333 which makes it a right pain

You can look at it this way - Old job £505 every month. New job you do 11 hours more per week which works out to around an extra £335 at the end of the month after tax. Then you save £200 for your other unpaid weeks.

So all in all you'd be around £135 better off each fully paid month.