How do I calculate an employee’s annual salary?
Placing employees on an annual salary as opposed to being paid based on their hours worked may be more beneficial for both employee and employer, however, we are often asked how these are calculated:
Hourly rate: £10.42
Number of hours per day: 6.5
Number of days per week: 5
- · Hourly rate £10.42 x 6.5 number of hours worked per day = £67.73 daily rate
- · £67.73 daily rate x 5 days worked per week = £338.65 weekly rate
- · £338.65 weekly rate x 52 working weeks per year = £17,609.80 salary per annum
- · £17,609.80 / 12 months = £1,467.48 monthly salary
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