Hourly pay

Jules2020

Does any body know what the hourly rate of pay would be of £18.426 the pay basis is yearly and the working hours will be 16 hours. Trying to work out what the pay will be monthly. It’s part time. 

Thank you

General_Grant

365 days (normal year) divided by 7 = 52.14285 weeks
18426 divided by 52.14285 divided by 16 = £22.08/hour

JGB1955

How many hours is a full time contract?  If, for example, a full time contract is 40 hours per week, annual salary £20,000, then you would work it out as 16/40 x 20,000 = £8,000 per annum.  Divide by 12 and you have £666.66 per month.  Don't forget to deduct any National Insurance, Income tax and pension contributions too.

If you're talking about £18.426 per hour, then it's 18.426 x 16 x 52 /12 = £1277.43 per month.

General_Grant

JGB1955 said:

How many hours is a full time contract?  If, for example, a full time contract is 40 hours per week, annual salary £20,000, then you would work it out as 16/40 x 20,000 = £8,000 per annum.  Divide by 12 and you have £666.66 per month.  Don't forget to deduct any National Insurance, Income tax and pension contributions too.

If you're talking about £18.426 per hour, then it's 18.426 x 16 x 52 /12 = £1277.43 per month.

The OP asked about hourly pay - specified the annual sum which I thought was for the role.  I then did not go on to say what the monthly pay would be - as 16 hours a week is obviously part-time and I would just have divided the total by sum by 12.
Perhaps you are right that the annual pay is for a full-time role.

yksi

Check whether the job says "pro-rata" or "fte", because if it says £18,426pa pro-rata or fte, it means that you get paid a proportion of this, and since that's 16 hours per week, it divides into the full time hours (probably 37 to 40). So your hourly rate would be somewhere around £8.85 to £9.58. Or £614.20 to £664.00 per month before tax and other deductions.

[Deleted User]

General_Grant said:

365 days (normal year) divided by 7 = 52.14285 weeks
18426 divided by 52.14285 divided by 16 = £22.08/hour

Incorrect. 

Salary you states needs to be divided by 52, than again by the equivalent full time hours, for example 37.5, would get you £9.44 per hour. 

General_Grant

MarkN88 said:

General_Grant said:

365 days (normal year) divided by 7 = 52.14285 weeks
18426 divided by 52.14285 divided by 16 = £22.08/hour

Incorrect. 

Salary you states needs to be divided by 52, than again by the equivalent full time hours, for example 37.5, would get you £9.44 per hour. 

You are incorrect if you think there are exactly 52 weeks in a year.
And, as I wrote later, I was basing that on the annual pay being for the 16-hour role - the question itself did not say that there was any pro rata calculation needed.  (Mind you, perhaps I should have had a second thought when I saw someone earning £22/hour would need help to make the calculation.)

[Deleted User]

General_Grant said:

MarkN88 said:

General_Grant said:

365 days (normal year) divided by 7 = 52.14285 weeks
18426 divided by 52.14285 divided by 16 = £22.08/hour

Incorrect. 

Salary you states needs to be divided by 52, than again by the equivalent full time hours, for example 37.5, would get you £9.44 per hour. 

You are incorrect if you think there are exactly 52 weeks in a year.
And, as I wrote later, I was basing that on the annual pay being for the 16-hour role - the question itself did not say that there was any pro rata calculation needed.  (Mind you, perhaps I should have had a second thought when I saw someone earning £22/hour would need help to make the calculation.)

I just thought it was obvious he wanted a pro rata basis and working it out for 52 weeks is the easier calculation. 

TyreLever

yksi said:

Check whether the job says "pro-rata" or "fte", because if it says £18,426pa pro-rata or fte, it means that you get paid a proportion of this, and since that's 16 hours per week, it divides into the full time hours (probably 37 to 40). So your hourly rate would be somewhere around £8.85 to £9.58. Or £614.20 to £664.00 per month before tax and other deductions.

Absolutely despise it when they do that. When I was looking for work I'd occasionally come across a job that seemed to be well paid and apply. Then it'd turn out that the pay is "pro rata" so it's actually !!!!!!. Quite misleading I think. How hard is it to just give the hourly rate?