Reply With QuoteStarting £150k in law according to the BBC this week.Originally Posted by Yeti
I can only dream
Ha, I'm not on that kind of money at all. You need actual qualifications to make that much! I'm just a lowly account manager. For context my bonus was 59% of my total pay for 2021 (including my Feb 22 payment for Q4-2021). I would happily take a pay cut to go into a basic only role and never think about commission/bonus ever again. My pension would also be much better as a result.
Starting £150k in law according to the BBC this week.
Very helpful! Thank you for sharing…I sometimes lose track of what’s going on in the “corporate” world and try to put my goals into context with say a middle earner up town. Suppose I am comparing whether working for myself is better it worse than being employed!
100-150k is a big salary even in today's market. A very small proportion of London workers will be on anywhere near that IMO.
Director level more likely.
This forum may not be representative, we know we have wealthy people here and high earners, 6 figures, etc.
I'm just waiting for the "6 figures not starting with a 1 or 2" level to be broken on this thread, given current inflation. I'll be getting diddly-squat this year, but then I can't complain as the company pays more than 20% into my pension.
I am well aware.
The company has had financial pressures that have made the lack of payrises understandable. Covid definitely did not help. They've compensated with share options, which could well be worthless.
Enough is now enough though.
NHS quango in Scotland, we've just had 3%, which doesn't really compensate for the years of 1% rises.
On the bright side the government just lost the court case over pension changes so my pension is going to be much nicer when I retire as I get an extra 7 years credit in the old final salary scheme payable at 60yrs and 7 less in the new "Career Average" scheme which has a NPA of 67yrs.
Plus the wife just got a £5k p.a. rise which we'll dump 50/50 into her pension and whats left of the mortgage so it's likely we'll be mortgage free pretty soon thus we're much more optimistic that I can retire early.
Roll on retirement then...not far away now.
No payrise for my Wife during the past 10 years!.
The Father of the company has handed control to the 2 Sons,can't have a payrise due to Covid they say.
Father has just taken delivery of his new Aston Martin & his newer 3rd property in the Algarve is now ready to use.
1 Son has a new Porsche on order having got bored with his Range Rover,No 2 Son has my favorite car,a Bentley Continental GT.
Yeah cant give the workers a pay rise and have all that can ya!.
Shes had enough.....Retiring in March.
No sharing the success and hardwork by their staff hey.
Last edited by P9CLY; 13th January 2022 at 20:37.
I worked for a company where the MD used to give us a three per cent rise every 3 years, which was very poor then. Somehow he managed to get a new BMW every 2 years, before the days of renting your car. On one of the 'no rise due' years the key staff got together, called him to a meeting and made it quite clear that we would advise the foreign parent company of the fiddles he was up to. We got a 3% rise.
In the real world (outside of TZUK) the average salary in the UK is £25k, apparently. Even a 10% increase wouldn't amount to much with current inflation. I predict a riot.......
Wife just shy of 10% this year. Suspect she’s underpaid though and they’re trying to level her up by stealth.
Didn’t mrs Doug do well!
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Paying the market rate isn’t what a lot will
Be doing sadly Ryan. Your place sounds quite progressive to be doing that and good for you that you have such an employer. Equity is a nice touch too
I’ve read other people who are losing a quarterly target (myself included) for a scam of an annual one and like others I’m hanging on until around may to have collected my annual and very last quarterly bonus, happily I think I’ve already nailed down my next move but others will not be as fortunate
For everyone looking, chin up we just live in strange times, there are firms out there that pay fairly and value good people just hang in there
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I find this thread very interesting, I know several business owners in the manufacturing sector who are ready to throw in the towel as they are finding it more and more difficult to make profits, it would be good to see contributors to this thread saying what sector they work in.
Utilities and Power Generation.. primarily Gas but also some water and electric
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Data sales
Chemicals, looks like I’ll be getting a 5% cost of living increase this year (TBC) but my company has a track record of looking after employees.
I think it's a bit more nuanced that simply by industry sector. I work in data science and i think a lot of industries that are struggle to give blanket pay rises are looking (often incorrectly) at data to solve their problems. If that's the case then you might have a long term issue as the salaries and competition in the market are instance right now.
I'm in finance and last year we announced "no bonuses, no pay rises" but then went back on that for certain individuals and groups. I can see it being better communicated, but ultimately the same this year.
Manufacturing, 3.5% across the board
Local government here, 1.75% that was supposed to be in effect last April that still hasn't been agreed by the unions so anyones guess as to what 2022 offer will be even with inflation as it is.
2%. Not bad considering we, for the first time in aeons, lost money in December.
Better than a kick in the swingers I guess.
Semi retired. Now a Postman. I think we get about a 3% rise.…So still not much money at all but pretty happy at 50:)
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Last edited by Stilgoe1972; 17th January 2022 at 23:24.
3% rise each year, 3% commission on turnover sales in my area ( uncapped) and this year I had 2 bonus payments as I’ve been looking after a vacant patch and it’s doing well, one of those bonus payments was paid in error but the company let me keep it, these are the sorts of gestures that retain people, I’ve been in medical sales for a long time now with a few different companies and I really love working at this one.
Cheers..
Jase
Not sure what, if anything, I’ll get this year. Pay freeze has in theory been lifted. Unless I can get promoted this year, then it’ll be 10%. I work in central gov.
To my surprise we got an early payrise yesterday (usually get it in April), also surprised by the amount (5% instead of the usual 1.5%)
My neighbour is a postman too. But he got about 2.5%. And he is also happy because he has to pay off the mortgage.
Last edited by Owren; 1st February 2022 at 13:26.
Sure last July I got 3%, or 2.5% and a 5% bonus - I think we got 1% and a 1% bonus in 2020. That was at a FTSE housebuilder. So stingy all considered, an industry hardly touched by the pandemic.
~6% increase in basic this year and last year’s bonus was 20% higher than the year before. Still earning less than one of my employees but the gap has narrowed.
Back in the noughties in London our household income...double income no kids yet so DINKY's... peaked out around the low 100's, variously media, contract publishing and exhibition/conference sales this was...so not the City in that sense.
Compared to where I came from/ the average wage, it was 'very' decent', though in reality housing costs, house price inflation really meant we didn't feel especially wealthy, running in place to stand still, which just didn't compute!...though that money, saving it and investing... chiefly and initially residential property, made our plan to get away earlier to sunnier climes than the conventionally pensioned, happen...A means to an end then, certainly I doubt we could have earned the level of wages, done it with property...bubble, baby , bubble.. as swiftly, in other parts of the UK. Lucky I reckon.
Realistically I reckon if you're in that London nowadays and not close to, or hitting 6 figures maybe by/ within your 30's, it's perhaps too late...Add children to the mix, it's the grind until mid 60's or 70 then.
Absolutely nowt wrong with it If you adore work, your job, wouldn't prefer more time for yourself and friends/family... of course it's the norm for the majority...I've admiration and not a little sympathy for those who do it.
Last edited by Passenger; 22nd January 2022 at 10:47.
I must admit to becoming disillusioned with the public sector after 22 years. Particularly given I could probably double my salary by contracting. I’m currently a Programme Manager. Yes I’d be giving up some job security and pension but it’s certainly got me thinking. Anyone made a similar move to contracting from a perm job?
About half of the oil and gas workforce over last 25 years, including myself at one point.
Would you do the same again with hindsight?
Yes, in 2006 - was disillusioned with my employer who was also at the time, changing everyone's contract to Singapore-based agency. It was a tough job to give up - but had a buffer fund in the bank and got as much work as I wanted for the following 10yrs. Slower since then, but that is partly choice. The contracting work was a lot more challenging and rewarding too - such was the variety and that every day was a 'producing' day.
I think you need that financial buffer to give peace of mind (if not absolute necessity).............
Those seem some strong numbers but then I have been away for a decade plus...good news if it's accurately representing the state of play on the ground for the majority of folk.
I was a Contractor in the early noughties before everyone jumped on the bandwagon. Doubled my salary overnight, and the tax benefits were a lot more generous back then so probably increased my take home by 2.5x. Tax benefits have now taken a significant hit through IR35 and divi tax.
I want back to a permie role because of the very generous non contributory final salary pension. If it hadn’t been for that, I would have stayed as a Contractor.
Nice spread of professions on here, good to see most people are getting something at least
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The last years have not been great for many contractors, but there’s a backlog of projects, the itinerant/project workforce contracted for reasons such as IR35, there’s a skills shortage, big consultancies are busy and very expensive for foot soldiers, so contractor rates are on the march again.
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I'm O&G too. We have a consultancy working with us at the moment and as you say, very expensive for those in amongst it.
Not wanting to stir things up but anyone that's moved out of the city, ( especially London ), to work from home in a less expensive part of the country has got themselves one hell of a pay rise.
No commuting, no expensive lunches to pay for, far cheaper property prices, but still getting London pay, sounds like a result to me.
Unless they have to look for another job, and prospective employers don't have the same allowance for working from home...........
(and they have eaten into their 'windfall' )
This could happen to anyone regardless of their situation, at least their outgoings will be less moving away from an expensive part of the country, so that windfall should last a lot longer.
It was said a bit "tongue in cheek" really, looking at all the Whitehall staff that are refusing to return to their desks/offices and have moved away from their place of work.
That's temporary though for many. I've worked from home for the better part of 2 years, but now the expectation is shifting to more 50/50 again, so the folk that have moved themselves physically away are in a pickle.
Of course, some may be able to stay home permanently, although this has it's own downsides too.
Depending on circumstances it's still going to be financially better for a lot of people splitting their week between home and work, most companies will encourage work from home as it's saving on costs, as long as personnel are being productive it's a win win.
Who’s that then??
...And they've stumped up 5%. Which (almost) keeps pace with the cost of living. It's not good enough, given it's the first rise since 2015, the powers that be are under no illusion that more is required as soon as the business is able.
It is better than nothing and I'm not ungrateful for the gesture.
So the Governor of the Bank of England has the brass neck to call for wage restraint to control inflation.
Yep, the same central banker who earns over £500k a year and overseen massive QE to cause rampant asset inflation tells the average joe not to demand much of a pay rise to help control inflation. Effectively asking people to become poorer for the common good. You cant make it up.
With inflation set to hit 7.25% by April, I hope everyone pushing for the biggest pay rise they can. Otherwise you are just getting poorer.
That does sound at odds with the Government’s high wage high productivity mantra.
Cheers..
Jase
That's just a model that Sunak peddles but it requires massive investment by companies so it won't ever happen. Just like he said he was proud of the Government's achievements and that he understands what people are going through. Total BS. His wife is richer than Her Maj FFS.
Yup saw him trotting that line out, what a banker...With more fuel hikes coming down the track and the wage tax coming in April, nevertheless will you proles please show a little restraint...astonishing hypocrisy, double standarding and a pretty outright, blunt, unvarnished call for the masses to shoulder the brunt of the pain, coming from one of the fattest of cats.
Where are those sunlit uplands...oh no not for you people, back in steerage, keep bailing.
From the look of things if you're not getting 10 percent it's not going to feel like a raise at all.
Last edited by Passenger; 5th February 2022 at 10:39.
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