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Mikhail Liebenstein

Pay rises - what did you get?

63 posts in this topic

of course all pay rises are not created equally

blanket percentage increases increase income inequality

10% @ 15k = £1,500 increase

10% @ 100k = £10,000 increase

this is compounded over the years

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54 minutes ago, Kent Ambitions said:

of course all pay rises are not created equally

blanket percentage increases increase income inequality

10% @ 15k = £1,500 increase

10% @ 100k = £10,000 increase

this is compounded over the years

I've often wondered why everything is always in percentage terms.  It's the same with benefits etc and means they can get way out of kilter with each other as time goes on........same with salaries. 

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The taxman gets most of it. 2% gets me an extra £48 per month which just about covers the rise in my train fare.

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+2% but have been offered +11% by my current employer and +25% by a competitor.  Turned them both down to avoid 65% effective marginal tax rates on my PAYE income.

Instead, I'm getting my current employer to start an EMI options scheme which could pay out nearly tax-free (<10%).  Then again, it could pay out nothing at all.  I'm motivated to take a risk where I keep the reward.  I'm not motivated to do anything taxed at 65%, especially when commute costs are paid out of net income.

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8% this year.

 

Btw anyone knows how to check if I have been paying more tax than I had to? I have been a full time employee for the last 8 years, and now wondering if I could get back any money.

Do I need to hire an accountant for it? Is there any no win no fee solution?

 

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Just under 7%.  Bonus was twice what it would be for normal business/personal performance.

I'd gone a long time without having a payrise though, have been bumping along the bottom since 2001 career wise, but things are looking up.

Programmer in Finance.

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I got 4% which is like a nominal 10p on top of the NMW but they made us sign new guaranteed minimum hour contracts (tearing up the old one) reducing my hours by one 'block' of 4 so doing 12 hours now and not 16.

MrsLTS got the maximum 2% payrise (1% effectively net) and a £17,000 bonus pro-rata'd to the time served at her new company which after tax was ~£4k which we are using to take our children to New York in October. Making cut-backs in other areas of our lives to offset the increased cost of living. Paying down debt (car/car/motorcycle) faster too as the future isn't looking so great. 

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This year 3%.

In previous years 5 out of the last 8) bonuses were paid instead of increases so your cumulative pay didnt increase. This is the first year in a decade ive had more than 1%, unlucky enough to start working at a bank just months before the financial crisis...

Hoping for a promotion in the next 3 month paying around 15% more..if not then theres the possibility of redundancy looming which will pay out around £25k - my existing level is slowly being offshored to india so wont be around in a couple of years.

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Never quite saw the point of these threads. They are the worst of anecdotal. It's no surprise who the OP is. 

 

Does the the fact that 10,000 people in my organisation are getting much less than 2% have more or less weight than any of the individual accounts here?

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17 minutes ago, EmmaRoid said:

Never quite saw the point of these threads. They are the worst of anecdotal. It's no surprise who the OP is. 

 

Does the the fact that 10,000 people in my organisation are getting much less than 2% have more or less weight than any of the individual accounts here?

Hang on.

I don't think sharing this sort of info is some sort of willy waiving. 

It's useful to know roughly what is going on elsewhere. Indeed most employers would rather keep employees in the dark on such matters. Also it does give a bit of a feel as to whether there is a wage squeeze or not. 

I do get a bit miffed as if I ever list my any actual salary details (I.e. Real world data), I get shot down by the politics of envy types on the forum.

Edited by Mikhail Liebenstein

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Some of you seem to be getting good pay rises, are you sure you are priced out of property ownership? For me pay rises are a distant memory, and before you say it I live oop North and there aren't any other jobs so simply hop to.

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A miserly 3.3% this year.  Normally I would have done something about that but with just a few months to run to FIRE I don't think I'll bother this year.  Effort vs reward is just not there now.  A few months of incremental £'s by the time negotiations are done and nothing then to compound on in future years.

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I agree that this sort of thread is very valuable. Employers rely on pay secrecy to shaft staff. The more openly discussed this stuff is the better.

Switched jobs at the start of the year for what has worked out at an effective 35% jump. Prior or to that in an employer who assumed we would think 2% rises were 'generous', despite me spitting feathers every year. I can't see rises at the new place this year at all ... but considering the increase I got switching and the fact it's a great place - no worries for a few years.

I'm very intrigued to know what my previous employer is going to dish out to current staff. If they don't make it a good one this year - and I told them.on leaving they have to because it had got ridiculous - i'm sure that quite a few of my ex colleagues will start looking. 

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15 minutes ago, Frugal Git said:

I agree that this sort of thread is very valuable. Employers rely on pay secrecy to shaft staff. The more openly discussed this stuff is the better.

...

Agree with this FG.  Employers aim - pay the minimum I can get away with while losing only x% of the 'good ones'.  Employees mantra should be - you don't get paid what you're worth you get paid what you negotiate and if they won't negotiate make sure you're skilled/trained so you're ready to jump ship.  Today loyalty is for fools only.

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On 2017-5-19 at 0:59 PM, Kent Ambitions said:

of course all pay rises are not created equally

blanket percentage increases increase income inequality

10% @ 15k = £1,500 increase

10% @ 100k = £10,000 increase

this is compounded over the years

Exactly.....3% of nothing = nothing.;)

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5 hours ago, Frugal Git said:

I agree that this sort of thread is very valuable. Employers rely on pay secrecy to shaft staff. The more openly discussed this stuff is the better.

Switched jobs at the start of the year for what has worked out at an effective 35% jump. Prior or to that in an employer who assumed we would think 2% rises were 'generous', despite me spitting feathers every year. I can't see rises at the new place this year at all ... but considering the increase I got switching and the fact it's a great place - no worries for a few years.

I'm very intrigued to know what my previous employer is going to dish out to current staff. If they don't make it a good one this year - and I told them.on leaving they have to because it had got ridiculous - i'm sure that quite a few of my ex colleagues will start looking. 

Are you mid 30s?

My advice to anyone mid 30s is to take the leap and get a higher paid job. You are definitely at peak employability between 33 and 37.

That is exactly what I did, and effectively doubled my salary. Now I am early mid 40s, I can still get reasonable percentages relative to inflation, but the step change is tougher unless I really come up with something really innovative.  Whilst I agree 3.6% of nothing is nothing, it is tougher to get a 30% rise when you base salary is over a ton. Of course on a commissioned salary, there is always over performance.

 

Edited by Mikhail Liebenstein

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