Holiday pay calculation

galdikas

Hi,

I have a funny feeling that I may have been underpaid for my holiday pay. If I know what I earned so far this year, is there some formula to work out what I was entitled to get for 3 week holiday? or do I need to know the actual hours I worked?

Dr Turk Turkelton

Get your last 13 weeks pay and average it out (if it differs week to week).
That should be your pay per week of your holidays.
All overtime,bonuses etc should be included in this.

galdikas

Well if use that formula, than I am underpaid by like a week...

Could you show me some official website where this is written, id like to read a bit more about it, see if this actually the case, and then go talk about it with accountant...

mitosis

Previous poster is incorrect. It is not standard practise to pay overtime and bonus hours for holidays. For your three weeks off you should be paid three weeks standard rate, i.e. your basic without OT and Bonus. This presumes you are entitled to three weeks paid leave in the first place.

galdikas

Well if i only take into account my normal hours (Which differ week to week, as I am a student), would then Cuchulainn1's way of calculating it would be correct?

Cause everywhere I saw thread about, people where talking about 8% of hours worked, but since I dont really know my hours worked, i took my pay up to date (from january), and worked out 8% from it... divided by 4 and multiplied by 3 to get the 3 weeks worth..., but that doesnt make sence to me, since this doesnt factor in the hours in the remaining year, but figure I got was really close...

And when I calculated with Cuchulains way, then it was wayyyyy of..

tatli_lokma

galdikas wrote: »

but since I dont really know my hours worked, i took my pay up to date (from january), and worked out 8% from it... divided by 4 and multiplied by 3 to get the 3 weeks worth..., but that doesnt make sence to me, since this doesnt factor in the hours in the remaining year, but figure I got was really close....

Take your pay to date, divide that by your hourly rate. This will then give you the number of hours you worked.
Calculate 8% of this figure. This is the number of hours, to date, that you will be paid for whilst on holiday.

Example:

Pay to date €10,000
Hourly Rate €10
€10,000 ÷ €10 = 1000 - to have earned €10,000 you would have worked 1,000 hours

Now calculate 8% of 1000 = 80
You would be entitled to be paid for 80 hours annual leave to date
The above formula does not take into account O/T rates of pay. This will only work if you have worked at a standard hourly rate

Also the hours in the remaining year will not be due to you yet as you have not accrued this leave. Your employer may allow you to take your paid leave ahead of accruing it, but many employers do not allow part timers to do that, given the fact that the hours for the rest of the year are not guaranteed. So it is likely that they will only pay you for the hours you have actually accrued to date.

galdikas

Thanks Ted...

Unfortunately it is not a standart rate.. My total pay will include stuff like sunday extras, and sometimes I get extra hourly pay for locking up the shop ... so I wont be able to accurately calculate like that... I must probably just go to talk to accountant there...

On the other hand... when i think about it, and roughly minus out all them bonus, maybe it si a bout right lol

Is there anysoftware available, where I could on a weekly basis enter my hours/total pay etc, and sort of see what is my base pay, what are various bonuses ets.. Cause all that stuff is broken down nicely in in payslip for given week, but no way for me to know what totals to what over period of time...

tatli_lokma

galdikas wrote: »

Cause all that stuff is broken down nicely in in payslip for given week, but no way for me to know what totals to what over period of time...

your payslip should have a year to date (YTD) of your salaries, bonuses and taxes paid.