payrise - round up or down?

tir21

If you have a 1% payrise and the figure comes out to 10.547

Should you be on 10.54 or 10.55

If its 10.54 can you really be said to have had a 1% payrise

Thanks

getmore4less

You need to get the starting point right

10.547 after a "1%" rise would have been 10.442574.

if you mean 1% on 10.44 that's 10.5444.

round down to 10.54 that a rise of 0.95785%

or do you mean 1% was 10.547 that's on 1054.70

10.54 would be 0.9993% that's close to 1%.

TELLIT01

Generally a figure is rounded up if the last digit is 6 or higher and down for 5 or lower. In the example you give it would round up, but it's a decision for the employer to make. Whichever way it is rounded it is a 1% pay rise.

Jakg

The NHS pay people in fractions of a pence - i.e. they set an annual salary and derive the hourly pay from that (which might be £10.5921 per hour) for use in overtime etc. The payslip then says the hourly wage is £10.5921.

The actual pay is then rounded.

Takeaway_Addict

TELLIT01 wrote: »

Generally a figure is rounded up if the last digit is 6 or higher and down for 5 or lower. In the example you give it would round up, but it's a decision for the employer to make. Whichever way it is rounded it is a 1% pay rise.

I was always taught that 1-4 was round down, 5-9 was round up.

System

Most people who do payroll won't care or know because the payroll software will round up/down as required automatically

robatwork

Assuming you are working 40 hours a week for 52 weeks....

2080 hours. One penny per hour difference is 20 quid over the year. About 8 pence per day.

Don't fret it.

TadleyBaggie

Takeaway_Addict wrote: »

I was always taught that 1-4 was round down, 5-9 was round up.

And you would be correct.

TELLIT01

Takeaway_Addict wrote: »

I was always taught that 1-4 was round down, 5-9 was round up.

Which simply confirms that the way it's rounded isn't consistent

agrinnall

http://spreadsheets.about.com/od/roundingnumberfunctions/ss/2011-06-29-rounding-numbers-in-excel-2010.htm

In the rules for rounding numbers that Excel follows, normally the number to the right of the rounding digit determines whether the rounding digit will be rounded up or down:

• If the value of the number to the right of the rounding digit is less than five, the rounding digit is left unchanged
• If the value of the number to the right of the rounding digit is five or higher, the rounding digit is raised by one

Takeaway_Addict

TELLIT01 wrote: »

Which simply confirms that the way it's rounded isn't consistent

Possibly but more than likely is your way isn't the standard way.