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Original poster

Does this monthly pay sound right?

16 replies

blondeassassin · 02/10/2021 10:55

I have recently been promoted which means my annual salary is 5 thousand more than it was before. I excitedly looked forward to my first new monthly wage and it appears to have increased by 147 pounds in total.

Can this be right??

I'm not very money savvy to say the least but I was so excited to be earning so much! Now I'm left wondering why I even bothered going for this promotion if there is barely any change in what I actually take home.

I did earn in the 20 grands and now I'm in the 30 grands amount. So what do you think?

(Waits for a Martin Lewis type t

OP posts:
Original poster
blondeassassin · 02/10/2021 10:55

(Type to reply)

OP posts:
dementedpixie · 02/10/2021 10:57

Did your tax and NI increase?

wtfisgoingonhere21 · 02/10/2021 10:58

Doesn't sound quite right to me op. That comes to less than £2000 a year.
Your not in the higher tax bracket so won't be that.

Do you pay a pension through your earnings?

It's a percentage of your pay before tax so when earnings go up so do pension contributions although that still doesn't sound right to me.

Are you on the correct tax code?

TheCheeseBadge · 02/10/2021 10:58

Can you put the amounts into the listentotaxman calculator and see what that says?

£5k increase is £400ish per month before tax, so on v rough calculations you'd expect 25%ish (tax and NI) to be deducted, but that doesn't take into account student loan payments, pensions, any other deductibles.

The other question is, did your pay rise come into effect part way through the pay period, so you've got less this month than you will next month?

HastySlander · 02/10/2021 10:59

This website is great to help you calculate your take home pay: listentotaxman.com or have you checked your pay slip to see the deductions? It will depend on if you’re paying back a student loan, how much you pay into a pension etc as to how much take home pay you have

largecomb · 02/10/2021 11:00

Was your promotion part way through a month ie from 10th of the month so you’ve only been paid a proportion of new salary? Or have you had a tax code change?

Jenala · 02/10/2021 11:02

This calculator is pretty accurate. Just pop your salary in, don't forget to include and pension contributions (they may have gone up) and student loans.
www.thesalarycalculator.co.uk/salary.php

The pro rata one for part time is accurate too.

BritInUS1 · 02/10/2021 11:20

Compare the payslips to see what has changed

An increase of £5,000 a year should be about £280 a month more, less pension, so it sounds like there is something else going on

Did you maybe get promoted part way through a month?

Original poster
blondeassassin · 02/10/2021 12:43

Thank you everyone. I've not looked at a pay slip as all these things are now online and I can never get into the system (it's a nightmare).

I definitely need to check it out but I was disheartened because when I told a colleague they said it sounded right to him. He said we get taxed ridiculously.

I have student loans & a pension comes out but even so if just felt low.

Promotion was as of 1st of a month so maybe it's not caught up or something.

Thank you for your advice - I'm going to check x

OP posts:
PinkFootstool · 02/10/2021 12:49

Ah, student loan will soak up lots as well.

Pop it all through www.thesalarycalculator.co.uk/salary.php - you can compare two salaries and it accounts for student loans and pension contributions etc

BarbaraofSeville · 02/10/2021 13:51

Do you work for the NHS? I've seen that pension payments increase sharply above a certain salary, so could that be part of it?

ivykaty44 · 02/10/2021 14:52

has the pay increase also taken you from one pension band to another?

I pay 5.8% in pension contributions but my salary increased then I would have to pay a higher %

added to an increase in tax and then it may make up to more

use the calculator to find out and then compare wage slips as others have said

ivykaty44 · 02/10/2021 14:54

I've not looked at a pay slip as all these things are now online and I can never get into the system (it's a nightmare).

you need to sort that out pdq because that is where the answer lays - get onto payroll/hr and get your login in sorted

FrownedUpon · 02/10/2021 15:30

@blondeassassin

Thank you everyone. I've not looked at a pay slip as all these things are now online and I can never get into the system (it's a nightmare).

I definitely need to check it out but I was disheartened because when I told a colleague they said it sounded right to him. He said we get taxed ridiculously.

I have student loans & a pension comes out but even so if just felt low.

Promotion was as of 1st of a month so maybe it's not caught up or something.

Thank you for your advice - I'm going to check x

So you don’t check your payslips? You need to get access to this & then you’ll have your answer!
FlippityFlippityFlop · 03/10/2021 14:01

Rough calculation based on you being a basic rate tax payer and being paid monthly

£5000 per year = £416.66 per month

  • 20% tax (£83.33)
  • 12% NI (£50)
  • 9% Student Loan (£37.50)
  • 6% Pension Contribution (£25)

Should leave you with £416.66 - £195.83 = £220.83

LakieLady · 05/10/2021 06:51

If your rise didn't start on the first day of the pay period, it will be pro-rata'd. So if your pay period starts on the first day of the month, but your rise starts from the tenth, you will only get the extra for 21 out of the 30 days in September.

For a full month, my calculation gives the same as @FlippityFlippityFlop says.

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