Overtime payments

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Neil69

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Post by Neil69 » Mon Apr 29, 2013 12:09 pm
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Is there an easy way of working out the 10%/50% rule on overtime?

Is it worked out on the total income?

I have an amount for full time and then an amount for overtime on my breakdown?

Wish there was an easy calculator to work it out
Last edited by Neil69 on Mon Apr 29, 2013 12:12 pm, edited 1 time in total.
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Michael Peoples

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Post by Michael Peoples » Mon Apr 29, 2013 12:29 pm
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If your I&E includes a certain amount of overtime already you should operate on the figure listed as your net income on the I&E. Keep anything up to 10% over and above this figure and split the rest 50/50.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Foggy

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Post by Foggy » Mon Apr 29, 2013 12:39 pm
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From your other post:

If your normal take home pay is 1000 per month ( as agreed in your I&E review), then you are allowed 10% of this, i.e £100.

So, if you earned £150 overtime, you keep £100 (10%) and split the £50 with the IVA ( 50/50). You keep £125 the IVA gets £25.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Pandy

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Post by Pandy » Mon Apr 29, 2013 5:47 pm
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Don't know if anyone else mentioned it but the 10% is 10% of your normal MONTHLY pay not yearly, there was confusion a while back where people thought it was 10% of yearly pay when calculating the up lift for a yearly bonus.

Still think it penalizes those of us who get yearly bonus's where people with monthly bonus get to keep a lot more but that is a whole new can of worms...
If life is what you make it, I must have been in a strange mood when I made mine
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