how do you calculate your hourly rate

mutley74

tigtag02 wrote: »

This is crazy!!! Not only are you assuming holiday entitlement but that holiday will be paid!!
The figure of £8.80 is the correct figure for a 35 hour week!!

tigtag

No not crazy. think about it before you dismiss ideas.

If one is an employee as the OP is, then they are paid holidays.

Andy_L

tigtag02 wrote: »

This is crazy!!! Not only are you assuming holiday entitlement but that holiday will be paid!!
The figure of £8.80 is the correct figure for a 35 hour week!!

tigtag

It's the way my overtime rate is calculated, annual salary divided by the hours worked in a year

mutley74

see this website
http://www.ir35calc.co.uk/

it gives a rate of £10/hr with OP income of £16k pa so i was not far off!

Lakeuk

Andy_L wrote: »

It's the way my overtime rate is calculated, annual salary divided by the hours worked in a year

Same here : (yearly salary / 52 weeks) / 35 hrs

Oldernotwiser

Lakeuk wrote: »

Same here : (yearly salary / 52 weeks) / 35 hrs

That's not the same thing, at all!

tigtag02

atpug wrote: »

No not crazy. think about it before you dismiss ideas.

If one is an employee as the OP is, then they are paid holidays.

But 25 is a figure you have pulled out of thin air.

If one is an employee as the OP is then he hourly rate will be calculated as:

Salary/52/weekly hours

Regards
tigtag

mutley74

tigtag02 wrote: »

But 25 is a figure you have pulled out of thin air.

If one is an employee as the OP is then he hourly rate will be calculated as:

Salary/52/weekly hours

Regards
tigtag

25 days is the norm for PAID annual leave.

The calculation you state i see is to calculate the hourly rate to include paid holidays. Again depends what one needs the calculation for i.e an employer will need it different to an employee say thinking of going contracting.

Savvy_Sue

atpug wrote: »

25 days is the norm for PAID annual leave.

Maybe in your line of work. But I wouldn't say there was any 'norm'.

The legal minimum is 4 weeks - which if you work 5 days per week = 20 days. If you work 6 days per week it's 24 days, and if you only work 4 days per week it's 16 days.

This need not include bank holidays. So if you work 5 days per week and your employer gives 20 days, you may have to take 8 days off on set days, or not be paid if you don't work on a BH.

This is changing from October (I think) this year, to give 24 days which can include the BHs. And from the following October it's going up to 28 days.

At which point EVERYONE will get 4 weeks PAID leave each year PLUS the 8 Bank Holidays - although they may still have to work on BHs, of course, depending on your line of work, contract etc.

tigtag02

Maybe in your line of work. But I wouldn't say there was any 'norm'.

The legal minimum is 4 weeks - which if you work 5 days per week = 20 days. If you work 6 days per week it's 24 days, and if you only work 4 days per week it's 16 days.

This need not include bank holidays. So if you work 5 days per week and your employer gives 20 days, you may have to take 8 days off on set days, or not be paid if you don't work on a BH.

I concur - it is far from the norm - there is no norm, just legal requirments and a bit of luck

(Said by a true 20 day hol employee )
tigtag

LittleVoice

Savvy_Sue wrote: »

This is changing from October (I think) this year, to give 24 days which can include the BHs. And from the following October it's going up to 28 days.

Proposal is gradually to increase - as Sue says, up to 24 days (from 20) from 1 October this year. 1 October is one of the two fixed dates in the year when employment law changes come into force. (Consultation on the proposals closed yesterday so it is not absolutely definite yet.)