Payraise.. how much do you expect? how much did you get?
- Thread starter slinxy
- Start date
Man of Honour
7.8% as per the collective bargaining agreement for my sector (IT)
Soldato
Snap!
Associate
Got a 10% rise last year to my rates, with some tough haggling from my agent, also got a few other perks thrown in like business class flights on anything > 4 hours, additional expense coverage and expanded health / medical insurance when out of the UK.
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We never know until about a day before it arrives in the April pay check....at the end of April. Very hard to plan our flex benefits window and do any financial planning for the year ahead as it all has to be selected based on not knowing what any pay rise or bonus will be. First world problem I guess.
Prediction of bonus: 4%
Prediction of payrise: 0%
Prediction of bonus: 4%
Prediction of payrise: 0%
Funnily enough I was just talking about that this morning, that it's really awkward having bonuses paid in March (informed end of Feb) just before the end of the tax year, because you don't know what your earnings will be until then, meaning you don't really know whether it will tip you over the thresholds for certain benefits etc, and hence e.g. you don't know how much to overpay your pension if you're not at the £60k/year limit yet. So it's like, e.g. you put enough in the pension to ensure you still get tax free childcare, but then if the bonus is bigger than expected it puts you over the threshold and you don't know about that until you've already made 11 out of 12 pension contributions and potentially missed the window to change it anyway.
Getting paid bonus end of April sounds ideal to me because then you have nearly a whole year to course-correct for the relevant tax year based on that, rather than just a couple of weeks.
Getting paid bonus end of April sounds ideal to me because then you have nearly a whole year to course-correct for the relevant tax year based on that, rather than just a couple of weeks.
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Soldato
10% this year
Yub I’m in the same boat, plus I get the end of March pay with the rate of the raise.
I always budget a little wiggle head room when it comes to the taxes and put a 100% of my bonus into my pension. I’ve always seen a bonus as non guaranteed as in not expected and don’t budget with it in mind. In the past I’ve spent it frivolously.. but is retail therapy, holidays and rewarding yourself foolish?
Associate
Don't feel bad - remember on the internet people like to show off or just lie tbh!
I work for a large corporation and we got 4% + a small bonus across the board to avoid fuelling inflation
Soldato
We were told many months ago it will be 0%. Was shortly after half the IT department were made redundant.
Unless the company wins a big contract, I doubt much will change.
Unless the company wins a big contract, I doubt much will change.
Associate
Short version, I expect 0%
Long, public sector there was a.... 6% increase or something last year.
However, before this my role was downgrade to the band below, pay frozen luckily at the higher rate.
Worked out a 8 ish % decrease. So my pay wont change until the lower grade overtakes what my frozen wage is. Needs to be over 2% for me to see a change (which I do not see happening)
This reminds me, I need to post in the careers thread hah.
Long, public sector there was a.... 6% increase or something last year.
However, before this my role was downgrade to the band below, pay frozen luckily at the higher rate.
Worked out a 8 ish % decrease. So my pay wont change until the lower grade overtakes what my frozen wage is. Needs to be over 2% for me to see a change (which I do not see happening)
This reminds me, I need to post in the careers thread hah.
Associate
I'm expecting around 6-7% based on this year's performance being similar to last year, last year was 6.5%.
Bonus probably around the same
Bonus probably around the same
Soldato
this
0.25% difference is barely worth worrying about for most people, on a £100k salary that's £250 gross so with a marginal tax&NI rate of 62%(?) you'd get less than £100 extra in your pocket per year. Or on say 50k you'd lose 48%(?) of that £125 raise to marginal tax so would be worth £65 net per year. Dwarfed by e.g. the recent drop in NI.a 3.75% payraise seems a tad low with the cost of living, I was hoping for around 4% but hey..
Oversimplified a bit as I know salary drives other benefits and compounds year-on-year, maybe you put it in pension to avoid tax but even so I don't think a 0.25% difference is worth worrying about too much.
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Soldato
Got 5% last year but can't see us getting anything this year, I work in IT in the Events industry. Constantly being told about how running costs are going up etc.
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Soldato
Collective bargaining got us a tadge over 5% this year and an almost identical amount to our bonus too.
We did well over the last two years with about a 14% rise overall (so almost 20% increase compared to 2020) which meant we were expecting a lower percentage increase this year but in line with expectations.
We did well over the last two years with about a 14% rise overall (so almost 20% increase compared to 2020) which meant we were expecting a lower percentage increase this year but in line with expectations.
