Work - Salary and Benefits
What factors determine the salary you receive?
- The position applied for - This will probably have the most fundamental effect on the salary that you will get at the end of each working month. In salaries will differ depending on the jobs that people do. You may also find that people doing the same as you may be paid at a higher or even lower rate of pay, this is predominately due to the amount of time they have worked for the and their time in that position.
- Level of experience - If you have a significant amount of experience in a job, the fact that you are a newcomer will not have a bearing on your salary. It is likely that you will receive the for that position, dependant on the amount of experience that you possess.
- Levels of skill - Usually the levels of skill and experience go hand in hand, although it should be noted that this is not always the case. You can come across who are relatively new to a position, with little experience however they are highly skilled at what they do. If your skills are in high demand, then it's likely you will be sought after and the salary that you ask of your employer will be met.
For your first job your should not expect to be paid a high salary. It is far better to gain experience and training in your first years in the workforce. As your start to climb the career ladder you will find that your salary climbs with you. The position you work in and your general performance are usually reflected in the salary and benefits packages offered.
Sickness Cover and Annual Leave
If you in a permanent job, you are entitled by law to 4 weeks paid , and . In some companies you may find that the amount of sickness cover you are entitled to take is restricted, the can clarify what it will be for your firm. The amount of sickness cover will vary from company to company and in your first year you will be entitled to one-twelfth of your annual entitlement for each completed month of service. Some companies may provide you with a company pension too, although you will discover that not all companies offer this service.
On retirement the money in the fund can be distributed in monthly instalments or as a mix of a 25% lump sum and regular payments. An employer can provide a pension in one of several ways a personal pension that the employer and employee contributes to, a company pension that the employer and contributes to or a non- contributory pension. Of all the types mentioned, a non- contributory pension is of most benefit for the employee as no personal contribution is required.
Whatever position you choose to take, ensure that a pension is discussed and if a pension is not part of your package you should arrange one for yourself.
If you are travelling by then it is likely that your employer may help you with the costs of travelling into London by paying for your , and then deducting it from your . Many employees will opt for this benefit as the cost of travel is expensive and usually escalates year on year.
Travelling by car
Sickness Cover and Annual Leave
Any annual leave entitlement you receive will be independent of any Public or . Some companies allow 20 days annual leave, however nowadays 25-30 is also a possibility. If you work for a US company you may not have to work on US holidays.