Your Pay: The True Picture That You Need To Understand

When taking a new job, there are a number of elements that need to be considered. But let’s not kid ourselves, money will be the main motive behind accepting the offer.

First and foremost, you need a good basic salary. Your employer should always provide the remuneration that you deserve. However, this isn’t the only key factor. If you want to guarantee great outcomes, it’s imperative that you have an understanding of the full situation. Here’s what you need to know.

Additional Services

A great pay packet will serve you extremely well. But the employer may also offer various other benefits to make it an even more attractive proposition.

For example, a company car could make a noticeable impact on your finances. Although you’ll use it primarily for commuting, this can also aid your personal life. Alternatively, a paid travelcard on public transport will allow you to retain a bigger chunk of your salary. Let’s face it; this one item could save you thousands every single year.

Other perks such as free gym memberships or free private healthcare can also boost your situation. It might not be quite the same as getting paid those additional fees, but it’s virtually as good as.

Tax

The sum you are paid is different to the sum you take home. Quite frankly, it’s the latter that will count. As such, it’s the figure that needs to be calculated when working out your future financial projections.

Understanding 0T & BR Taxcodes is essential. The more money you earn, the more tax you’ll pay. This shouldn’t stop you seeking the highest salary possible. However, it is still important to appreciate the fees that you’ll encounter. Otherwise, you could be in for a nasty surprise.

If you’re self-employed, an accurate calculation of tax will allow you to prepare for your annual tax bill too.

Pension Scheme

Even if you’re in your twenties, it’s never too early to think about the future. Retirement will arrive one day, and you need to take the necessary steps to keep yourself protected and comfortable in those years.

Any great employer will have an interest in you as a person. As such, they’ll offer pension schemes that can help you plan for retirement in an effective fashion. The best platforms will involve savings from both you and your employer. This means you’ll see even greater benefits when that time eventually comes. 

You might not stay with the same employer forever, but that retirement strategy can follow you until you reach this part of your life. Of course, you can make other investments to help prepare for the future, but this type of retirement fund should be your priority. Do not forget it when accepting a job offer.

Overtime Rate

In addition to your normal hours, you may be required to work overtime at times. Or you may just want the extra hours to earn more money. Either way, it’s important to appreciate the terms of these agreements.

Will you be working for a bumper rate or getting paid at the same level? You need to take this into consideration, especially if unsocial hours will be involved. Some employers may offer flexitime, which can be very useful if you like to maintain a sense of freedom in life.

Either way, it should be a secondary factor. By no means should this be the deciding factor. Nevertheless, it can be a sweet bonus that makes the job more appealing. Do not underestimate its potential influence.