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Pay bonus v Time and a half?
buel10
Posts: 470 Forumite
Hi.
Please can someone with better maths skills than me (not difficult) help me work out an issue with my employer?
Basically, up until this last month, for any overtime that we did, we were paid time and a third which worked out as £13.38 per hour.
We then received an extra £50 bonus at increments of 20, 40 and 50 hours, so if we did 20 hours we would get a £50 bonus, 40 we would get £100 and for 50 we would get £150.
However, my employer has taken the bonus away and replaced it with standard time and a half for any overtime.
I would like to know at what point/amount of hours does this work out better, or even worse, for us? I'm sorry for not being clear but this is the best way I can put it....
Please can someone with better maths skills than me (not difficult) help me work out an issue with my employer?
Basically, up until this last month, for any overtime that we did, we were paid time and a third which worked out as £13.38 per hour.
We then received an extra £50 bonus at increments of 20, 40 and 50 hours, so if we did 20 hours we would get a £50 bonus, 40 we would get £100 and for 50 we would get £150.
However, my employer has taken the bonus away and replaced it with standard time and a half for any overtime.
I would like to know at what point/amount of hours does this work out better, or even worse, for us? I'm sorry for not being clear but this is the best way I can put it....
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Comments
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The new deal is better for you for 1-19 hours (no bonus, time and a half is better than time and a third). The bonus makes the old deal better for 20-29 hours, and then the new deal catches up and is better for 30-39. 40+ the bonus was better for you.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
That is a point - does the bonus come at 20 hours overtime a week? A month? A year? How likely are you to reach 40+?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
theoretica wrote: »That is a point - does the bonus come at 20 hours overtime a week? A month? A year? How likely are you to reach 40+?
Apologies - Bonus was paid for overtime per month. Does this change the calculations at all?0 -
theoretica is correct.
The only thing I would add, since you have now clarified this is over a monthly period, is that if you do 90 hours or more overtime in a month, then the new time & a half system again becomes more advantagous to you.
(It doesn't actually matter about the period it's over, other than you would have been unlikely to have done 90 hours overtime in a week, which is presumably why theoretica did not go this far.)0 -
£13.38 is not a proper multiple of an hourly rate in pence
the multiplier is 4/3
£10.03->£13.3733
£10.04->£13.3867
was it realy 1/3 or was it 0.33 £10.06 base rate.0 -
getmore4less wrote: ȣ13.38 is not a proper multiple of an hourly rate in pence
the multiplier is 4/3
£10.03->£13.3733
£10.04->£13.3867
was it realy 1/3 or was it 0.33 £10.06 base rate.
I'm terribly sorry for this but I don't understand?0 -
There basing it on you getting £10 an hour as time and a third would equal £13.33 (or just over, hence why trying to work out why the rounding is different):T:T :beer: :beer::beer::beer: to the lil one
:beer::beer::beer:0 -
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getmore4less wrote: »Ok lets make it easier
What's the base rate?
I calculated it as £10.035 per hour 0 -
Using £10.035 as the basic rate (and hence £15.0525 as the time and a half rate), then the overtime would calculate as follows :-
20 hours - £317.60 (old system), £301.05 (new system)
40 hours - £635.20 (old system), £602.10 (new system)
50 hours - £819.00 (old system0, £752.63 (new system)Its amazing how these banks can't even do simple calculations correctly..............0
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