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Posted: Mon Apr 29, 2013 12:09 pm
by Neil69
Is there an easy way of working out the 10%/50% rule on overtime?
Is it worked out on the total income?
I have an amount for full time and then an amount for overtime on my breakdown?
Wish there was an easy calculator to work it out
Posted: Mon Apr 29, 2013 12:29 pm
by Michael Peoples
If your I&E includes a certain amount of overtime already you should operate on the figure listed as your net income on the I&E. Keep anything up to 10% over and above this figure and split the rest 50/50.
Posted: Mon Apr 29, 2013 12:39 pm
by Foggy
From your other post:
If your normal take home pay is 1000 per month ( as agreed in your I&E review), then you are allowed 10% of this, i.e £100.
So, if you earned £150 overtime, you keep £100 (10%) and split the £50 with the IVA ( 50/50). You keep £125 the IVA gets £25.
Posted: Mon Apr 29, 2013 5:47 pm
by Pandy
Don't know if anyone else mentioned it but the 10% is 10% of your normal MONTHLY pay not yearly, there was confusion a while back where people thought it was 10% of yearly pay when calculating the up lift for a yearly bonus.
Still think it penalizes those of us who get yearly bonus's where people with monthly bonus get to keep a lot more but that is a whole new can of worms...