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Public sector pay freeze/Inflation calculation
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Hi all,
So I'm trying to get some information together, part of which is trying to work out how much money I've missed out on as my wages have not been rising with inflation for some time.
From 2013 I was on £29,947. How would I work out how short I am per month using the inflation rates and the public sector pay freezes and the 1% pay cap.
Any help is much appreciated.
Cheers.
You could always try looking for similar jobs in the private sector if you believe you're underpaid.
Good luck.If I don't reply to your post,
you're probably on my ignore list.0 -
From the start of the civil service pay freeze in 2010 I found that my take home pay stayed pretty static until last year when it eventually rose by about 2% above the 2010 figure. For the first few years any increase in pay was eaten up by an increase in pension contributions and, once they stopped rising, contracted out NI ceased and so NI went up.
Prospect have some graphs that show the pay gap between average wages and public sector wages.0 -
You could always try looking for similar jobs in the private sector if you believe you're underpaid.
Good luck.
He would need a big differential to make up for the pension, my PS pension is worth over 35% of my basic salary.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Don't forget the tax reductions you've enjoyed from the increase in personal allowance well above inflation (and increase in higher rate threshold if you're earnings are near the H/R threhold).0
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How much have pension contributions increase and does that apply to all public sector employees.
Civil service and NHS have defonately increased post 2012 by differing %. With much depending on where an individuals salary falls in the contribution bands. In effect the higher the salary the larger the % increase. Safe to assume other sectors have likewise gone through Union negotiation.0 -
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Thrugelmir wrote: »Civil service and NHS have defonately increased post 2012 by differing %. With much depending on where an individuals salary falls in the contribution bands. In effect the higher the salary the larger the % increase. Safe to assume other sectors have likewise gone through Union negotiation.0
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That would take up a big chunk of the £450 gained from increased personal allowance, I suppose it will be worth it in the long term if it saves pension scheme.
At the time was doing some contracting work for a pension scheme that was linked to the Civil Service one by analogy. Increase was 1.6%. Tax relief was granted on this. Still wiped the payrise for that year.0 -
Thrugelmir wrote: »At the time was doing some contracting work for a pension scheme that was linked to the Civil Service one by analogy. Increase was 1.6%. Tax relief was granted on this. Still wiped the payrise for that year.0
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