Final Pay check when leaving Job

Habib2342

Hello,


I am looking into the financial impact of me leaving my job. As detailed in a previous log, I have worked for my current employer for about four years and nine months. In in employment contract it states the following ;


TERMINATION AND NOTICE PERIOD




8.1 During the Probationary Period (or during any such extended period) either party to this agreement shall


be entitled to terminate this agreement by serving one weeks’ notice on the other.
8.2 After successful completion of your Probationary Period, the prior written notice required by you or the
Company to terminate your employment shall be as follows:
8.2.1 one Month’s notice if you have been continuously employed for up to four years; or
8.2.2 thereafter an additional week’s notice for each completed year of employment up to a maximum of 12 weeks’ notice.


My Gross annual monthly pay is £1972.62 and in a bonus month its £2472.62. Depending on which month i chose to leave and according to the terms of my contract I will be paid 5 weeks wages less any holiday entitlement I haven't taken and of less income tax and national insurance contributions.


So in a normal month I would be paid = (£1972.62/4)*5 = £2465.75 less Income tax and national insurance contributions ( 363.47/4)*5=£454.34 and less holiday entitilement not taken, 14 days, ( 1972.62/4/5)*14=£1380.83, so final pay check would be £2465.75-(1380.83+454.34)=£600.58.


Am i along the right lines or would it be best to ask the company's payroll ?


thanks


Habib.




























.

lincroft1710

Providing they are able to co-operate with your request, check with payroll, but it would be advisable to decide when your final day will be so that they can do an exact calculation.

Scorpio33

Your contract states one month, so one month will need to be given in notice either side.

I assume the company is willing to pay you for your one months notice and then not require you to work that month? If so, your last pay will be the one month.

The extra week only kicks in after a completed year (ie: after you have been employed for 5 years or more).

The redundancy you may be owed (if any) will be separate from that. Check your contract clause for redundancy terms, but the government minimum is one week for every year of completed employment (so 4 weeks again).

getmore4less

Remember the date for notice is the date you give the notice not the date you finish.


Just to point out they have messed up the contract notice by mixing month and weeks.

If the mean 4 weeks they should not use month.


Also add accrued unused holiday not take off.

Don't divide month/4. Divide annual/52.

Employer may use a different method some use days.