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how do you calculate your hourly rate 12th Apr 07 at 2:53 PM
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i am trying to calculate my hourly rate. currently earn £16,000 per annum. i work mon to fri 9-5 and get a hour for lunch.
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12th Apr 07, 2:59 PM
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Based on a 35 hour week, presuming you don't get paid for your lunchbreaks, it works out as about £8.80 an hour.
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(£16000, divided by 52, divided by 35)
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RT @mark76stewart (http://www.twitter.com/mark76stewart): Sledging!? I?ll say! That?s worse sledging than the Aussies @MartinSLewis (http://www.twitter.com/MartinSLewis) !! £6.99 each or 2 for £20 @WHSmith (http://www.twitter.com/WHSmith) ?? https:?
Or £7.69p/h if you work 40 hrs a week.
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12th Apr 07, 3:13 PM
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RT @bearface83 (http://www.twitter.com/bearface83): @MartinSLewis (http://www.twitter.com/MartinSLewis) check out the @Missguided (http://www.twitter.com/Missguided) new 60% off offer. Upping the cost of items almost double to make us think it?s a?
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RT @efitzpat (http://www.twitter.com/efitzpat): Thank you SO SO much Hiya @MartinSLewis (http://www.twitter.com/MartinSLewis) Based on a 35 hour week, presuming you don't get paid for your lunchbreaks, it works out as about £8.80 an for your Student Loans refund advice! I just got a grand refunded hour. right before Xmas! Whoop?
(£16000, divided by 52, divided by 35) Follow Martin
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Originally posted by a1969baby
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You have not allowed for annual leave and stat. holidays. Allowing for 25 days paid holiday, and approx 1 week for stat. days. Leaves about 46 working weeks.
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9-5 with 1hr for lunch (not paid) = 7hrs per day, 35 hs per week.
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Therefore, 35x 46 = 1610 hours per year Approx. hourly wage – 16000/1610 = £9.90
Why do you need to know your hourly rate? Are you intending to go as agency hourly rate worker? If so rate will be higher to cover your unpaid holidays, risks in having shorter term contract rights and other costs. Login & Quick Reply
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12th Apr 07, 3:36 PM
Ooh I didn't know you had to count all that in as well!
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Surely you would need to leave the paid holidays in though, as although you're not at work, you are getting paid as though you were?
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Temporary workers are entitled to 4 weeks paid holiday per year.
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As you are paid for your holidays, i dont think you need deduct them from the total. 16000/52 = 307 pw/35 = £8.79 per hour. Mortgage Calculator Login & Quick Reply
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12th Apr 07, 5:34 PM
#8
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Temporary workers are entitled to 4 weeks paid holiday per year.
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As you are paid for your holidays, i dont think you need deduct them from the total. 16000/52 = 307 pw/35 = £8.79 per hour. Originally posted by liney
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no it depends if you get your "holiday pay" included within your rate or you opt for paid holiday leave (which means teh agent keeps the "holiday allowance" and thus pays you when you are on leave) - but all this depends on what type of agency work you do.
The rate depends on why you need to know. If your a company and wish to work out your staff overheads, then you need to include paid holidays plus taxes, NI etc. But if youre an employee wishing to go contracting, then i personally dont count in the holidays. Login & Quick Reply
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12th Apr 07, 10:49 PM
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You have not allowed for annual leave and stat. holidays.
tigtag02
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Allowing for 25 days paid holiday, and approx 1 week for stat. days. Leaves about 46 working weeks. 9-5 with 1hr for lunch (not paid) = 7hrs per day, 35 hs per week. Therefore, 35x 46 = 1610 hours per year Approx. hourly wage – 16000/1610 = £9.90 Why do you need to know your hourly rate? Are you intending to go as agency hourly rate worker? If so rate will be higher to cover your unpaid holidays, risks in having shorter term contract rights and other costs. Originally posted by atpug
”
This is crazy!!! Not only are you assuming holiday entitlement but that holiday will be paid!! The figure of £8.80 is the correct figure for a 35 hour week!! tigtag baby no3 due 16th November TEAM YELLOW DFD 16/6/10 "Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt
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12th Apr 07, 10:57 PM
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#10
no it depends if you get your "holiday pay" included within your rate or you opt for paid holiday leave (which means teh agent keeps the "holiday allowance" and thus pays you when you are on leave) - but all this depends on what type of agency work you do. Originally posted by atpug
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Agencies should not now be rolling up holiday pay in the hourly rate - it has been deemed not to be compliant with working time regulations.
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13th Apr 07, 7:20 AM
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#11
Agencies should not now be rolling up holiday pay in the hourly rate - it has been deemed not to be compliant with working time regulations.
mutley74
Originally posted by LittleVoice
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it used to be the case a few years ago when i wa working PAYE via agency.
as i said it depends on what basis one needs the hourly rate. Is one looking for the total staff employment cost or does one want an idea what there should be asking if they go contracting. Thats how its worked for me and always has done. The reverse is also true. I have been an hourly paid worker since 2002 and now i work backwards to see what i should be worth if i was a staff employee. Login & Quick Reply
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13th Apr 07, 7:22 AM
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#12
This is crazy!!! Not only are you assuming holiday entitlement but that holiday will be paid!! The figure of £8.80 is the correct figure for a 35 hour week!!
mutley74
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tigtag Originally posted by tigtag02
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No not crazy. think about it before you dismiss ideas.
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If one is an employee as the OP is, then they are paid holidays. Login & Quick Reply
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13th Apr 07, 9:23 AM
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#13
This is crazy!!! Not only are you assuming holiday entitlement but that holiday will be paid!! The figure of £8.80 is the correct figure for a 35 hour week!!
Andy L
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tigtag Originally posted by tigtag02
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It's the way my overtime rate is calculated, annual salary divided by the hours worked in a year
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13th Apr 07, 9:48 AM
#14
#15
see this website http://www.ir35calc.co.uk/
mutley74
it gives a rate of £10/hr with OP income of £16k pa so i was not far off!
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13th Apr 07, 1:05 PM
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It's the way my overtime rate is calculated, annual salary divided by the hours worked in a year Originally posted by Andy L
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Same here : (yearly salary / 52 weeks) / 35 hrs Login & Quick Reply
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13th Apr 07, 1:18 PM
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#16
Same here : (yearly salary / 52 weeks) / 35 hrs Originally posted by Lakeuk
Oldernotwiser
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That's not the same thing, at all! Login & Quick Reply
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13th Apr 07, 11:08 PM
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#17
No not crazy. think about it before you dismiss ideas.
tigtag02
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If one is an employee as the OP is, then they are paid holidays. Originally posted by atpug
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But 25 is a figure you have pulled out of thin air. If one is an employee as the OP is then he hourly rate will be calculated as: Salary/52/weekly hours Regards tigtag baby no3 due 16th November TEAM YELLOW DFD 16/6/10 "Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt
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14th Apr 07, 12:19 PM
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#18
But 25 is a figure you have pulled out of thin air.
mutley74
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If one is an employee as the OP is then he hourly rate will be calculated as: Salary/52/weekly hours Regards tigtag
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Originally posted by tigtag02
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25 days is the norm for PAID annual leave.
The calculation you state i see is to calculate the hourly rate to include paid holidays. Again depends what one needs the calculation for i.e an employer will need it different to an employee say thinking of going contracting. Login & Quick Reply
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14th Apr 07, 1:47 PM
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#19
25 days is the norm for PAID annual leave. Originally posted by atpug
Savvy_Sue
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Maybe in your line of work. But I wouldn't say there was any 'norm'.
The legal minimum is 4 weeks - which if you work 5 days per week = 20 days. If you work 6 days per week it's 24 days, and if you only work 4 days per week it's 16 days.
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This need not include bank holidays. So if you work 5 days per week and your employer gives 20 days, you may have to take 8 days off on set days, or not be paid if you don't work on a BH. This is changing from October (I think) this year, to give 24 days which can include the BHs. And from the following October it's going up to 28 days. At which point EVERYONE will get 4 weeks PAID leave each year PLUS the 8 Bank Holidays - although they may still have to work on BHs, of course, depending on your line of work, contract etc. Still knitting! Completed: 1 adult cardigan, 3 baby jumpers, 2 shawls, 3 pairs baby bootees, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 1 seaman's hat ... Current projects: 1 shawl, another seaman's hat Login & Quick Reply
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14th Apr 07, 7:54 PM
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#20
Maybe in your line of work. But I wouldn't say there was any 'norm'.
tigtag02
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The legal minimum is 4 weeks - which if you work 5 days per week = 20 days. If you work 6 days per week it's 24 days, and if you only work 4 days per week it's 16 days. This need not include bank holidays. So if you work 5 days per week and your employer gives 20 days, you may have to take 8 days off on set days, or not be paid if you don't work on a BH.
I concur - it is far from the norm - there is no norm, just legal requirments and a bit of luck (Said by a true 20 day hol employee tigtag
)
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baby no3 due 16th November TEAM YELLOW DFD 16/6/10 "Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt
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