I think one of the big problems with pay satisfaction for Drs is the tax system. Yes, £105-135k sounds like a lot of money, but it is a terrible pinch point in the tax system where they lose their personal allowance, lose free childcare hours and are probably making 9% student loan repayments and contributing 10% to their pension. The net result is that some Drs in this group are paying 90% marginal tax rates!
That would p* off anyone.
As you get higher up the income scale in the £200k+, this high marginal tax rate gets averaged out so it doesn’t seem so bad, but for those stuck there, it’s terrible.
It also means that those that can afford to, keep their earnings below £100k by going part time or adding pension contributions. This is so bad for society as a whole - productive Drs are working fewer hours than they could and if they make pension contributions the tax man loses out on 100% of the tax. It is a mad system.The Times published a graph - which I can’t find now - which showed the huge spike in the number of taxpayers on £99k followed by a huge drop at £100k+ which only began to recover in then £135k+ range. People will do everything possible to avoid going over £100k.
As successive govts freeze the tax bands more and more workers - quite a lot of senior public sector workers - are falling into this £100k tax trap. It needs to be sorted out so that the marginal tax rate increases gradually. It isn’t rocket science and cld be done to raise the overall tax take but the optics would be those in the low £100k paying less tax than they do now and so the govt is too frit to do it.
I would also add that there are a lot of non£ things that annoy Drs about their working conditions that contribute to their dissatisfaction eg no lockers, unisex changing rooms, slow out-dated systems, patients that don’t turn up for appointments (because they don’t get to choose a convenient appt time), car parking fees, student loans, inflexible rotas, unproductive co-workers who are never managed out, lack of availability of healthy food, money wasted on identity politics (see Fife and Darlington)……..
On the other hand, I don’t have any sympathy for the argument, “I cld be earning £millions as an investment banker/city lawyer…..”. Because if that’s what you want to do, then go and do it, and you will discover those careers have their own stresses.