Reducing hours- wages impact?

zootie

I currently work 33.5 hours per week and I'm thinking of asking if I can reduce those hours to 28 hours per week.
I currently get paid £9.21 per hour approx which equates to £13,887.39 per year according to my payslip. I pay 5.8 %LGPS pension then tax and NI which puts my takehome pay at £993.15 per month.
I am struggling to calculate how a 5.5 hour per week reduction will affect my takehome pay. Can anyone help please?
Thank you.

Dazed_and_confused

It wont drop your take home pay as much as you might think because effectively the hours you are dropping are the ones you are paying tax and national insurance on so although you are dropping about 16.5% of your hours (33.5 down to 28) your take home pay won't reduce nearly as much.

But your figures don't make sense.

How does 33.5 x £9.21 x 52 = £13887???

zootie

Thank you for the reply Dazed and Confused.
I agree with your question and that's why I'm struggling I think. It says on my employee details my pay rate is 9.2117 which I assume is £9.21 per hour and it says my point value is £13,887.39
I work in education and get the same amount in my bank account every month. I have never been told that there are adjustments for holiday periods but maybe there are.

Dazed_and_confused

It looks like you are only been paid for 45 weeks of the year.

£9.2117 x 33.5 = £308.60 x 45 = £13,887

Are you paid evenly across the year i.e you get 1/12th of your salary each and every month?

zootie

Which again does not really make sense as we have 13 weeks holiday. Thanks for your help. I will go and see if I can dig out my contract.

Dazed_and_confused

It might cost you about £130/month take home pay but it depends a lot on age and tax code.

Losing 5.5 hours X 45 weeks is reduction is salary of £2,280 but most people would have to pay 20% tax and 12% NIC on that element of their wage so net cost is only £1,550/year.

Pension scheme will make a bit of difference as well. You need to work out your own figures before signing up to a reduction as this is only a rough estimate based on very little hard facts.

zootie

I appreciate your thoughts and help. Just found my contract which says I am paid for 44.5 weeks per year. At the time I took the job I was so relieved to get out of the place I was before that details like that passed me by. Shameful I know.
£130 per month is manageable and worth the benefits that the extra time will give my family so thank you very much indead. I will make further steps in this direction.