OVERTIME 10% OR 50/50

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JMW1969

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Post by JMW1969 » Fri Jul 30, 2010 10:07 pm
HI
CAN YOU CLARIFY THE 10% CLAUSE?
IF I EARN BASIC 2500 PER MONTH BUT THEN EARNED AN EXTRA 60 DUE TO WEEKENDS ON DUTY THAT MONTH WHAT WOULD THE IVA WANT? WOULD IT BE HALF THE EXTRA OOR NOTHING BECAUSE 10% IS 250?[?]
 
 

Julie

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Post by Julie » Fri Jul 30, 2010 10:24 pm
Have a look at your chairmans report - it should state clearly what percentage of overtime has to be paid into the IVA.

It would only be a percentage of the the £60 overtime.
 
 

MelanieGiles

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Post by MelanieGiles » Sat Jul 31, 2010 12:48 am
If your IVA is protocol compliant, there would be nothing to pay - but as Julie says it would be wise to check this to your actual documents or a chat with your IP to be sure.
Regards, Melanie Giles, Insolvency Practitioner
 
 

jtomo64

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Post by jtomo64 » Sat Jul 31, 2010 1:58 pm
As Melanie says check your documents or chat with your IP, but generally you would be ok earning anything up to £250 extra per month, anything over that would need to be split 50/50. You would still keep the first £250.

For example if you were to earn £2900 in a particular month.

£2500 + 10% = £2750
£2900 - £2750 = £150 diveded by 2 = £75

You would need to pay over £75 from your £2900
Last edited by jtomo64 on Sat Jul 31, 2010 1:58 pm, edited 1 time in total.
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