What is your raise actually worth?
Put in what you earn now and the raise you were offered. You get the difference per hour, per paycheque and per year, before tax, and what is left of it once prices have gone up.
A raise only counts if it shows up on the payslip.
This page is from the team behind EarnCheck: Shift & Pay Tracker for iPhone. This calculator tells you what to expect. According to its App Store listing, EarnCheck helps you check you got it:
- Keep your own record of every shift: confirm in one tap, or adjust the start, end or unpaid break
- See your estimated gross pay build through the pay period
- Tap Show the Math to see the hours, rates, overtime and premiums behind every amount
- Overtime presets for Ontario's 44-hour rule and the U.S. federal 40-hour rule, each linked to its official source
- Compare your hours with your pay statement, line by line
All figures on this page are gross pay before tax and deductions, and are estimates. Nothing you type is stored or sent anywhere.
Reading a raise properly
Turn the percent into money. "Three percent" sounds abstract. "An extra 46 every two weeks before tax" is something you can plan around.
Compare it with prices. If prices rose 4% and your pay rose 3%, you can buy slightly less than last year. That is a pay cut in real terms, even though the number went up.
Check the start date. A raise that starts three months into the year is worth three quarters of the yearly figure this year.
Watch the first payslip. New rates are sometimes entered late or applied to the wrong pay period. Check the hourly rate printed on the first statement after the change.
These are gross figures. Tax, pension and other deductions depend on where you live and your own circumstances.
Questions
How do I calculate a pay raise?
Multiply your current pay by the raise percentage. A 4% raise on 20.00 an hour is 0.80, making the new rate 20.80. For the yearly figure, multiply the hourly difference by your weekly hours and by 52.
How do I know if my raise beats inflation?
Divide one plus your raise by one plus the inflation rate. A 3% raise with 4% inflation gives 1.03 divided by 1.04, which is about 0.99: roughly a 1% fall in buying power.
Are these figures after tax?
No. Everything on this page is gross pay before tax and deductions, because those depend on your location and circumstances.
More from this site
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