Advice - what to do with a £10k pay rise

elephantrosie

bigadaj- if you think doctors earn a lot, then go and be one. medical school application numbers went down since the new contract implementation. The NHS needs people to serve... maybe you want to stand in?

did you compile your statistics from doctors near the age of retiring?

justme111

bigadaj wrote: »

That not an average though.

That's the minimum at the commencement of training, an average, whether median, mean or mode will be very high five to low six figures.

Indeed it is a minimum. About half of doctors are on it though I believe. Or even if it was a quorter or a third - still does not much popular saying "doctors earn a lot" " And no , high five figures let alone six are the very top, not average

kidmugsy

"Basic pay" means the pay that forms the basis of the calculation of what actual pay will be. Does "basic salary" mean much the same thing? In other words, is the expression "basic salary" basically misleading to the layman?

Update: so it would seem. Wikipedia -

As a doctor in training you’ll earn a basic salary plus bonus if you work more than 40 hours a week and/or work outside the hours of 7am – 7pm Monday to Friday.
In the most junior hospital trainee post of Foundation year 1 your basic starting salary is £22,636. This increases in Foundation year 2 to £28,076.

If you’re a doctor in specialist training your basic starting salary is £30,002. If you are asked in your contract to work more than 40 hours a week and/or to work outside 7am – 7pm Monday to Friday, you will receive an additional bonus which will normally be between 20% and 50% of the basic salary.


These beginners are in a roughly comparable position to research students doing a PhD in the sciences - i.e. they've got a bachelors degree and are now doing postgrad training. Therefore working 'more than 40 hours a week and/or work outside the hours of 7am – 7pm Monday to Friday' should be virtually certain.

They get paid more than the scientists though. Distinctly more.

kidmugsy

justme111 wrote: »

Indeed it is a minimum. About half of doctors are on it though I believe. Or even if it was a quorter or a third - still does not much popular saying "doctors earn a lot"

There's not a cat's chance that half of doctors are in the first year of training. Nor a third nor a quarter. Nor is there a cat's chance that most of them are not getting a bonus.

darkidoe

kidmugsy wrote: »

There's not a cat's chance that half of doctors are in the first year of training. Nor a third nor a quarter. Nor is there a cat's chance that most of them are not getting a bonus.

There are no bonuses in the NHS as far as I know. Not for people on the ground anyway.

kidmugsy

darkidoe wrote: »

There are no bonuses in the NHS as far as I know. Not for people on the ground anyway.

See post 44: the bonuses for junior doctors are mentioned there.

justme111

Kidmugsy, sometimes little knowldege can be misleading. I confess I do not know the topic in detail either but I do know that doctors can be classed as "junior " for many years (10-12) , not just one-two. Not all go to specialist training - ever. Many of them are nit beginners , there would be no further ro progress. You mentioning pay for extra hours- that was the crux of the dispute between docrors and Hunt which they lost so it is not that way any more. But even if it was so - would you say that someone working 60 hours a week earning 40 k "earns a lot"?
I do not want to digress into comparing their pay to others and debating who deserves more. I just wanted to point that " doctors earn a lot" is a misleading statement and explain why I think so.

Malthusian

justme111 wrote: »

Indeed it is a minimum. About half of doctors are on it though I believe. Or even if it was a quorter or a third - still does not much popular saying "doctors earn a lot" " And no , high five figures let alone six are the very top, not average

High five figures or low six may be the top salary in the NHS but it is certainly not the top for a doctor. That's like saying the top pay for a lawyer is the £110,000pa paid to the Attorney General. The NHS is not the healthcare industry.

There are plenty of doctors who aren't motivated to specialise and/or go into private practice, and prefer to stay in the NHS earning modest salaries. Just as there are people with law degrees who are happy to spend their careers as paralegals. But if you're going to go from that to arguing that doctors are paid the same as cleaners you're deep into the realms of philosophy.

Anyway, this a distraction from the original question, which is whether someone on a six figure salary has a better chance of retiring early than someone on minimum wage. The answer is quite obviously yes, because they have more room to reduce current expenditure in order to increase future expenditure, whereas someone on minimum wage has very little room to do that without their standard of living dropping below what people in the UK consider to be the poverty line. Whether the six-figure person chooses to do that is a different issue.

justme111

Of course I am not saying doctors are paid the same as cleaners.
Of course sky is the limit. By "top" I meant top range , not the absolute maximum one can possibly get being a doctor. The absolute maximum is irrrelevant anyway.
Bigadage written that an AVERAGE income was high 5 low six numbers which I objected to. I agree it is off topic , I could not let the repetition of a popular tale being unchallenged.

cashbackproblems

Every year I get a 3k bonus (after tax).


£500 into pension
£500 S+S ISA
£500 mortgage


the rest is for fun/short term savings.