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Changing salary currency

  • 09-10-2017 2:43pm
    #1
    PickMeUp_89
    Registered Users, Registered Users 2 Posts: 6 ✭


    I'm currently in discussions with my employer to move my role from London to Dublin. This will involve a change of employment contract to Ireland and my salary being paid in Euro. I have a commitment from my boss that I will be paid the euro equivalent of my current sterling salary which is great. However I'm concerned that I will be negatively hit by the current poor exchange rate between GBP and EUR. Ideally I would like pre-Brexit rates when converting my salary over or at least somewhere in the middle... 
    I'm not sure if there is any hard and fast rule around such scenarios but am curious what standard process or best practice is when these type of employment discussions come up to ensure the employee is not negatively impacted with such a move.
    Thank!


Comments

  • #2
    Kimbot
    Moderators, Computer Games Moderators, Social & Fun Moderators Posts: 18,809 Mod ✭✭✭✭Kimbot


    PickMeUp_89 wrote: »
    I'm currently in discussions with my employer to move my role from London to Dublin. This will involve a change of employment contract to Ireland and my salary being paid in Euro. I have a commitment from my boss that I will be paid the euro equivalent of my current sterling salary which is great. However I'm concerned that I will be negatively hit by the current poor exchange rate between GBP and EUR. Ideally I would like pre-Brexit rates when converting my salary over or at least somewhere in the middle... 
    I'm not sure if there is any hard and fast rule around such scenarios but am curious what standard process or best practice is when these type of employment discussions come up to ensure the employee is not negatively impacted with such a move.
    Thank!

    Well my thinking is you will get the equivilent pay for the day you worked, i.e. on the 11th of October you would get paid the exchance rate on that day. I dont think any company would give you a historic exchange rate tbh.


  • #3
    ambro25
    Registered Users, Registered Users 2 Posts: 5,994 ✭✭✭ambro25


    PickMeUp_89 wrote: »
    I'm currently in discussions with my employer to move my role from London to Dublin. This will involve a change of employment contract to Ireland and my salary being paid in Euro. I have a commitment from my boss that I will be paid the euro equivalent of my current sterling salary which is great. However I'm concerned that I will be negatively hit by the current poor exchange rate between GBP and EUR. Ideally I would like pre-Brexit rates when converting my salary over or at least somewhere in the middle... 
    I'm not sure if there is any hard and fast rule around such scenarios but am curious what standard process or best practice is when these type of employment discussions come up to ensure the employee is not negatively impacted with such a move.
    Thank!
    If you're salaried and on a fixed income, then logically the relevant FOREX would be that of the effective date at which your Irish job/contract starts.

    So if you're on £100k and your contracts started today, you should be on €112k as from tdoay. But if that change-over had been on -say- 27 August, you'd have been on €108k.

    If what you're really after is securing the changeover at the best possible FOREX rate, then it's more a likely a question of goodwill between you and your employer, than employment law/contractual mechanics.

    Of more practical importance is how far will your € take you in Dublin, relative to your £ in London, post-Brexit.

    FWIW, with all the current talk of 'no deal' and the ongoing shenanigans in Westminster, coupled with the practical reality of what (still) needs to be done and voted and sealed by March 2019, all relative to the economic rebound across the EU27, I can see the £ going only way (generally) by then. Further south.


  • #4
    TheBlock
    Registered Users, Registered Users 2 Posts: 596 ✭✭✭TheBlock


    PickMeUp_89 wrote: »
    I'm currently in discussions with my employer to move my role from London to Dublin. This will involve a change of employment contract to Ireland and my salary being paid in Euro. I have a commitment from my boss that I will be paid the euro equivalent of my current sterling salary which is great. However I'm concerned that I will be negatively hit by the current poor exchange rate between GBP and EUR. Ideally I would like pre-Brexit rates when converting my salary over or at least somewhere in the middle... 
    I'm not sure if there is any hard and fast rule around such scenarios but am curious what standard process or best practice is when these type of employment discussions come up to ensure the employee is not negatively impacted with such a move.
    Thank!

    I'm sketchy on what your asking are you essentially looking for a better exchange rate than is currently available? Why would they give you free money? Just look for a pay rise if you think the € salary on offer is not competitive.

    I'd assume it'll be a spot rate on the day you change your contract. They may factor in some rate change for you but you'd have to negotiate hard for this.

    Maybe ask can the rate been revised at periodic intervals every quarter/6 Months/or Year but this could also have a negative effect depending on rates at the time.


  • #5
    malkmoose
    Registered Users, Registered Users 2 Posts: 98 ✭✭malkmoose


    PickMeUp_89 wrote: »
    I'm currently in discussions with my employer to move my role from London to Dublin. This will involve a change of employment contract to Ireland and my salary being paid in Euro. I have a commitment from my boss that I will be paid the euro equivalent of my current sterling salary which is great. However I'm concerned that I will be negatively hit by the current poor exchange rate between GBP and EUR. Ideally I would like pre-Brexit rates when converting my salary over or at least somewhere in the middle... 
    I'm not sure if there is any hard and fast rule around such scenarios but am curious what standard process or best practice is when these type of employment discussions come up to ensure the employee is not negatively impacted with such a move.
    Thank!
    I would pick one of two approaches
    1. I think you could argue that the fair exchange rate is the exchange rate on the day you started the job. For example, if you started in 2015 on £100K then that was the equivalent of €138K according to EUROSTAT figures.
    2. Wait until EUROSTAT publish the 2017 figure in December and use that
    I think option 1 is cheeky but it depends on the relationship you have with the manager and how good you are at defending the argument. I personally would go with option 2. The data is here:  http://ec.europa.eu/eurostat/web/exchange-rates/data/database


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