A pay raise calculator is an electronic tool that is used to calculate pay increases and can be used to compare the previous salary and the present salary. It can also be used to calculate pay raise percentage. It used a certain formula to calculate the salary. It can be used as an annual pay raise calculator as well as the hourly salary calculator. It saves time and the hurdle to deal with the numbers. This pay raise calculator is very handy and easy to use. We just need to input the current or previous salary and the new given salary will automatically generate the increase in the pay within seconds. This salary increase calculator helps to determine the increase in the salary given to an employee.
For example, if an employer tells his employee that you are going to get a 5% salary increase from next month. He can easily calculate the exact amount he is going to get by using the raise salary calculator. By adding the current pay and the percent increase he can easily calculate the exact salary he is going to have. If we suppose that the current salary of an employee is 25,000/- and he is going to have a salary increase of 5%. By putting these values, the pay increase calculator will automatically tell you the salary increase which will be 26,250/-.
How to calculating annual salary
The wage increase calculator is very useful in many ways. We can use it as an hourly salary calculator and a yearly salary calculator. Most people use it as an annual wage calculator. You get a salary increase by different methods. By changing a job to have a pay raise, or by simply having a promotion on the current job.
In these situations, you think about calculating the salary increase that you will get. For this purpose, a salary percent increase calculator does a great job by providing the figures right in front of you. You can also use this calculator as a future salary calculator. Pay raise calculator percent is also very important to know. The inflation figures are usually written and told in percentages, pay increase percentage calculator will tell you the percent increase in the pay, which you can use to compare it to the previous salary or the salaries of the other employees working in the same field.
How to calculate salary increase percentage
There are a few steps that are involved in calculating the pay increase;
In the first step, you need to extract the previous salary from the present income. Let’s suppose that in the previous days, an employee used to get a $45000 salary per year. After some time that employee gets a new job that is of course offering an increase in the pay that is $55,000 per year salary. Now, you can easily extract by taking the difference of both salaries and you get the answer of $10,000 increase in the pay per year. In this way, you can also calculate your hourly wage by using it as an hourly wage salary calculator.
In this step, you can easily calculate your salary increase percentage. To calculate this, you need to take the increment calculated in the first step and divide it with the previous salary you were given which was $45,000. The answer would be in decimal. We need a decimal number first to know the percentage salary increment. By dividing $10,000 to $45,000 you get an answer 0.2222. You can also calculate the hourly wage in the same way.
In the third step, to know the exact percentage of your salary you need to multiply the decimal amount to 100 and then you can get the percentage easily. By multiplying 0.222 to 100, we get the answer 22%. In this way, we get to know that we got a pay raise of 22% by switching the job. In this way, a pay raise calculator can be used as an hourly to annual salary calculator.
It can also be used as a pay raise calculator with taxes. For this, we have to minus the taxes from our salary and then calculate the amount given to us. In this way, we can calculate the raise after taxes.
How often should you get a raise?
There are certain conditions and situations in which you can expect an increase in income. There are certain policies of the company, they give the raise according to it.
Some companies provide the salary raise annually and some twice a year. This depends upon the condition of the company. If the company is well-reputed it will provide its employees with the best of the services and vice versa. If the employee’s performance is really good, he will definitely get a salary increase. Promotion is another important factor in this field if the person has some extraordinary skills or fulfills his responsibilities well on time. He will get the salary increase shortly.
Inflation is another important factor in the salary increase of the employee. Another reason to increase the salary is the by law. If the law announces to increase the wage of the employee then the company would have to give a pay raise. In all these conditions, a salary growth calculator is very important to calculate the increase in the salaries each employee is being given.
Other important factors
The use of a salary raise calculator for calculating the basic pay is not the only benefit we can take from it. It can also be used to estimate the amount being given to you as an increase to fulfill some wishes you wanted to get for a long time. There are also some additional benefits being given to you other than the basic salary. You can also add them in the salary and then calculate your pay raise easily. These additional benefits include some insurance benefits; if you are working in a company where you are paying $100 a month for your insurance but when you change the company you need to pay only $50 a month. This is a benefit.
There are also some commissions and bonuses involved, in calculating the pay increase never forget to calculate the bonuses given to you. Most of the companies offer some retirement plans to you, in which they ensure you to provide the luxuries even after you retire. If your company is offering you such benefits, consider them in your pay raise calculations. Certain companies also benefit their employees by giving them pensions. Pensions in this current era are not very easily offered by the companies. If you are being offered one, do not hesitate to count it as a benefit and calculate it in your pay raise calculations.
By using this salary raise calculator, you can easily pre-plan a budget easily and get whatever you wish to get. Many people find it a useful tool to calculate their hourly to annual salaries easily by a single click. It is very important to know and have an idea of how much increment you are going to get if you consider leaving your current job for a new job.