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Pay Raise Calculator

Pay Raise Calculator

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Pay Period:

Current Pay Rate: ($)

Hours per Week:

Type of Raise:

Pay Raise: (%)

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Pay raise calculator is one of the most accurate tools to find annual pay raises in your income. You may be wondering how to calculate your salary increase. The raise calculator would conveniently determine the pay rise amount, the raise percentage amount and the new salary amount can be easily calculated by the easy-to-use device.

How to Find Pay Raise in Percentage?

A  Pay Raise can be in different forms and shapes. The pay increase can be in the form of promotion, increment, or may be due to bonus. You may require to calculate pay raise in percentage.

Following are the step-by-step instructions on how to find a pay raise. There are a few ways to calculate the pay raise. Usually, an employee receives a pay raise, by a percentage, or by a flat rate.

Example :

Considering an employee’s current salary is $ 55,000 per year, and he previously received a salary of $45,000, to calculate the rise in terms of percentage, we use the formula.

Now by the formula, we have the percent raise as:

Percent Raise = [(New Salary – Old Salary) / Old Salary] X 100

Pay Raise Percentage

Difference in salary=New Salary – Old Salary=55,000-45,000=$10,000

Percent Raise = [(New Salary – Old Salary) / Old Salary] X 100

Percent Raise =[(10,000/45,000)]X 100

= 22.22 %

We can find the hourly, weekly, monthly and annual salary by the pay raise calculator in a matter of seconds.

Current Salary:

Hourly ₨21.63
Weekly ₨865.38
Monthly ₨3,750.00
Annual ₨45,000.00

Salary with Increment:

Hourly ₨26.44
Weekly ₨1,057.69
Monthly ₨4,583.33
Annual ₨55,000.00

Raise Amount in salary:

Hourly ₨4.81
Weekly ₨192.31
Monthly ₨833.33
Annual ₨10,000.00

How Does an Employer Find a Pay Raise?

An employer can calculate wage increases on the basis of the factors like performance appraisal, Contractual agreements, and the Cost of living, of the employees and workers. The pay raise can be on the basis of numerous reasons and circumstances. You may be thinking how to calculate raise percentage in salary, there are flollowing factors involved in pay-raise of employees.

General Factors for Pay Raise:

The general factors for increasing the pay raise are:

Performance Appraisal:

The performance appraisal is based on the current performance of an employee. Employers can fix an average raise after 1 year of work,on the basis of the effectiveness of the employees in completing the task given to them. The performance appraisal scores can be different for different levels. Some companies may opt to have an annual increase in pay, an annual raise calculator can be great in finding the annual pay rate increase.

The Contractual Agreement Terms:

The Contractual agreement can be determined on the basis of the terms and conditions described in the contractual agreement.

For example, if you have negotiated a 3% increase in annual salary in the contract for each employee. Then it is no issue how much is a 3 percent raise, you have to raise the pay of each employee to 3%. The main reason behind this is the Contractual agreement terms describe that you are bound to raise the pay of every employee annually by 3%, regardless of the cost on the balance sheet. You may be wondering, how to calculate raise percentage, the average raise percentage calculator is efficient to find the percentage increase. 

Cost of Living of Employees:

The cost of living is variable in most economies and it is going to increase by the inflation rate of a particular economy. The cost of living can be determined by the changing in pricing, including healthcare, clothes, and education.

Consider an employee David works in a company for 30 hours weekly and makes $18 an hour. The Critical Price Index( CPI) basket for goods and services is increased by 3%, then the company is bound to increase its salary of David by 3%, regardless of the point how much a 3 percent raise in salary costs to a company. The pay increase calculator would help to find the increase in salary.

What are the Adjusted and Unadjusted Salaries? 

The salary increase calculator helps to find the adjusted and the unadjusted salary.

Example:

Consider your hourly rate is $30, and you have 8 hours working per day. Then in the unadjusted annual salary 52 weeks are multiplied by the 5 days of the week, and the pay increase calculator can assist you to find the percentage increase in salary. Then the annual unadjusted salary can be calculated as:

$30 × 8 × (260) = $62,400

The adjusted annual salary can be calculated for each employee as:

$30 × 8 × (260 – 27) = $54,300

We are subtracting the 12 official holidays and the 15 days when finding the adjusted salary by the pay raise calculator.

We can derive all the bi-weekly, semi-monthly, monthly, and quarterly figures from the salary increase calculator as well.

Periodicity Holidays & Vacation Days
Unadjusted Adjusted
Hourly $30.00 $26.11
Daily $300.00 $261.10
Weekly $1,200.00 $1,044.00
Bi-Weekly $2,400.00 $2,088.00
Sami-monthly $2,600.00 $2,263.00
Monthly $5,200.00 $4,525.00
Quarterly $15,600.00 $13,575.00
Annual $62,400.00 $54,300.00

Need to utilize the salary calculator to find the adjusted and unadjusted salary.

Working of Pay Raise Calculator:

We can find the hourly, weekly, monthly, and annual pay raise by the percent raise calculator.

Input:

  • Select the pay period from the drop down menu
  • Enter the Current pay rate
  • Need to enter the number of Hours per Week
  • Select the percentage increase or flat rate
  • Enter Pay Raise in salary
  • Hit the calculate button to find the pay raise

Output:

The salary raise calculator display the following outputs:

  • The percentage increase of salary is calculated
  • The hourly, weekly, monthly and annual pay rate is displayed in table

FAQs:

Should you get a raise every year?

It depends on your performance and the policies of an organization. Normally, companies do raise the payments on an annual basis. Managers can estimate the amount of percentage increase by the salary increase calculator, and how much they can manage to raise pay.

What is the average raise after 1 year of work?

The typical pay raise increase is about 10-20%, of what you are currently earning. It may also depend upon the performance and innovation of a particular employee. The pay raise calculator assists the management to find the percentage increase the salaries.

How much $ 5000 a month is how much a year?

For making  $5000 a month, you need around a $31.25 per hour rate. This is quite a rate if you are working for 20 hours per week. Just double your wage rate with the pay increase calculator.

How much is a 5 percent raise?

If an employee’s current annual salary is $50,000, and he earns a $2,500 raise, then the annual salary will increase to $52,500. Then Divide $2,500 by $50,000 and the result is 0.05, which is 5 percent (2,500/50,000 = 0.05), The raise percentage calculator is best to find the percentage increase in salary.

What is Biweekly pay for an employee?

Biweekly pay describes when an employee is paid for every other week on a specific day of the week. If an employer wants to pay his employees biweekly, then he needs to pay every other Friday. You can estimate the biweekly pay by the pay raise calculator.

What is a Flat rate salary increase?

The flat rate increase in salary is the hourly increase in salary in dollar amount. There is no percentage involved in monthly or annual salary increases. When measuring the Flat rate salary, it is best to use the flat annual raise calculator.

What is the percentage increase in salary?

In the percentage increase of salary, the employer is increasing the salary by considering the annual or monthly salary of an employee. The percentage raise calculator may assist managers to find the percentage appropriate for a particular employee.

Conclusion:

The pay raise calculator is a great source to find what percentage or flat rate increase, you can afford as an employer. The management always tries to keep a balance between the expenditure and the profitability of an organization and can use the payback-period calculator. Normally the employee’s salary and the compensation plan is one the main expenditure of a company.

References:

From the source of the smallbusiness.chron.com:Flat-Rate Increases,Flat Task Rate Increase

From the source of the bamboohr.com:Biweekly Pay, Does Biweekly Pay Affect Taxes?