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What's your job & salary

masterboy123

I am not sure if there is a thread already on this. But a lot of my friends lost their job during this covid period. So,
What's your job and your annual salary?

I will start first.

Healthcare sector and €75K.

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blacklilly

onrail wrote: »

Totally agree regarding the stresses of the construction sectior - but for what it's worth, you're doing better than most in the sector financially! How many years experience have you?

I've 12 years experience. Any friends in similar roles are generally on in and around the same base salary. My bonus is probably better than most though

[Deleted User]

JimmyVik wrote: »

Be careful. You can over fund AVCs in the public sector and then end up paying even more tax than you saved after you retire.
So an accountant friend told my sister anyway.
Not sure of the ins and outs of it but the gist of it was to make sure you dont have "too much" avcs when you retire from public sector.
I know im being vague, because im not sure, but it might be worth checking for the full facts before you commit

If you get 40% PAYE relief on all contributions to the AVCs and if the fund without AVCs wouldn't provide you with an income liable to 40% tax than your sister's accountant friend isn't correct.

If you are getting 20% relief on your AVCs you'll never end up with a huge pension fund.

Given that the chap mentioned he's on €50k with some overtime it's fairly likely without AVCs he won't be paying the higher rate of tax on his pension income. It's likely he won't be paying the higher rate anyway to be realistic. Tax free lump sum is also to be considered in cases where folk do end up paying 40% on the some of the pension income.

Years back I heard something that's of great value "your accountant isn't your financial advisor"

DataDude

Augeo wrote: »

If you get 40% PAYE relief on all contributions to the AVCs and if the fund without AVCs wouldn't provide you with an income liable to 40% tax than your sister's accountant friend isn't correct.

If you are getting 20% relief on your AVCs you'll never end up with a huge pension fund.

Given that the chap mentioned he's on €50k with some overtime it's fairly likely without AVCs he won't be paying the higher rate of tax on his pension income. It's likely he won't be paying the higher rate anyway to be realistic. Tax free lump sum is also to be considered in cases where folk do end up paying 40% on the some of the pension income.

Years back I heard something that's of great value "your accountant isn't your financial advisor"

I suspect the accountant was referring to the standard fund threshold (€2m). If the combination of your DB pension plus your AVCs exceed this then you end up paying an effective tax rate of over 70% on any contribution. It's financial suicide.

Unlikely to be an issue for most though and definitely not in the case referenced. That said, whilst they used to value the DB portion of the pension scandalously low (couldn't upset the old public sector workers on the huge pensions when they reduced the SFT from €5m+), any accrual since 2010's (ish) are valued on a more realistic basis (i.e. insanely valuable). So whilst the €2m SFT may sound like a big number, public sector workers might be shocked what their DB pension is actually valued at in the real world.

[Deleted User]

DataDude wrote: »

I suspect the accountant was referring to the standard fund threshold (€2m)...................

Perhaps, but in the context of someone on €50k/annum with overtime it's of no relevance whatsoever as you say.

DataDude wrote: »

...............So whilst the €2m SFT may sound like a big number, public sector workers might be shocked what their DB pension is actually valued at in the real world.

Anyone looking at €50/€60k per annum after taking €500k lump sum and paying 20% tax on €300k of it would be there I suppose?

JimmyVik

DataDude wrote: »

I suspect the accountant was referring to the standard fund threshold (€2m). If the combination of your DB pension plus your AVCs exceed this then you end up paying an effective tax rate of over 70% on any contribution. It's financial suicide.

Unlikely to be an issue for most though and definitely not in the case referenced. That said, whilst they used to value the DB portion of the pension scandalously low (couldn't upset the old public sector workers on the huge pensions when they reduced the SFT from €5m+), any accrual since 2010's (ish) are valued on a more realistic basis (i.e. insanely valuable). So whilst the €2m SFT may sound like a big number, public sector workers might be shocked what their DB pension is actually valued at in the real world.

I think, though im not sure that it was if your pension payment takes you into the high tax bracket then you are taxed at the high rate on anything you draw from the pension over that. Dont know if it makes a difference either if you are married or not and what pension your spouse might be on.
It was too complicated for me to follow.

DataDude

Augeo wrote: »

Anyone looking at €50/€60k per annum after taking €500k lump sum and paying 20% tax on €300k of it would be there I suppose?

I did the calc a while back for someone. Off the top of my head, I think the multiple is 25 for retirement age 65. 30 for age 60. So 60k per annum retirement age 65 + 500k lump sum would be valued at (60*25 + 500) =2m. So for that person, if they did have any AVCs, they'd be end up paying 70%+ tax on their AVCs. Obviously that's a very healthy pension but it's not insane (certainly pre the new scheme), and if people contributed to AVC's early in their careers they could have a very chunky DC pension with minimal contribs.

JimmyVik wrote: »

I think, though im not sure that it was if your pension payment takes you into the high tax bracket then you are taxed at the high rate on anything you draw from the pension over that. Dont know if it makes a difference either if you are married or not and what pension your spouse might be on.
It was too complicated for me to follow.

Ah right, that's a different thing. Essentially where they are making AVCs at lower marginal rate but then drawing down at the higher. Would be quite rare for someone to have salary< €35k but pension >€40k per annum. Potentially if you had wild swings in your earnings throughout your career I guess. Anyway, I've probably taken this off topic - apologies.

To add to intended topic. Number cruncher who's moved into management position

Base: 145k
Car Allowance: 15K
Bonus: 45-60K
TC: 205k-220k
15% pension contrib
No shares etc.

iColdFusion

This thread is a bit depressing but im guessing alot of these salaries are for Dublin based jobs?

I know personally I could get a circa €15k payrise to do my current job in Dublin instead of Munster but living there has absolutely zero appeal to me and id be giving away a good chunk of that extra money in rent.

Still waiting for someone to contribute to the thread saying there are a REIT director earning 4 million a year tax free :pac:

lawrencesummers

iColdFusion wrote: »

This thread is a bit depressing but im guessing alot of these salaries are for Dublin based jobs?

I know personally I could get a circa €15k payrise to do my current job in Dublin instead of Munster but living there has absolutely zero appeal to me and id be giving away a good chunk of that extra money in rent.

Still waiting for someone to contribute to the thread saying there are a REIT director earning 4 million a year tax free :pac:

It’s depressing because some people are only giving a snapshot when they list their title and salary, the reality can be very different.

As you mentioned where you live makes a big difference.

People should probably list their realistic hours per week worked as well and include their commute time, time on the laptop in evenings and time on the phone outside of hours. You might be contracted to a 39 hour week but a 45 minute commute each way is almost another 8 hours, an hours drive and it’s another 10 hours onto your working week, and a few emails and calls in the evening can bring your 39 hour week to a 55-65 hour week very quickly.

I work a 39 hour week, with a 15 minute drive to work and not a second of phone or emails outside of working hours. If I do overtime it’s x1.5 for first 4 hours and double after that and it’s all paid.

[Deleted User]

iColdFusion wrote: »

This thread is a bit depressing but im guessing alot of these salaries are for Dublin based jobs? ............

Proabably lots of Dublin based gigs alright but it's not overly surprising......... There are lots of folk living in nice houses with nice cars outside, the vast majority of these people are doing an honest days work for a nice wedge and paying plenty tax into the bargain.

I'm just surprised folk detail their income on a message forum tbh. This place isn't as anonymous as you'd think.

OEP

Augeo wrote: »

Proabably lots of Dublin based gigs alright but it's not overly surprising......... There are lots of folk living in nice houses with nice cars outside, the vast majority of these people are doing an honest days work for a nice wedge and paying plenty tax into the bargain.

I'm just surprised folk detail their income on a message forum tbh. This place isn't as anonymous as you'd think.

What can someone do with your salary information? It's very Irish to be secretive about what you earn, which mostly benefits employers as opposed to employees

lawrencesummers

Augeo wrote: »

Proabably lots of Dublin based gigs alright but it's not overly surprising......... There are lots of folk living in nice houses with nice cars outside, the vast majority of these people are doing an honest days work for a nice wedge and paying plenty tax into the bargain.

I'm just surprised folk detail their income on a message forum tbh. This place isn't as anonymous as you'd think.

Pay rates are widely available for almost all jobs.

[Deleted User]

OEP wrote: »

What can someone do with your salary information? It's very Irish to be secretive about what you earn, which mostly benefits employers as opposed to employees

I'm not suggesting anyone can do anything with my salary information. Personally I don't tell too many people what I earn, I certainly don't put it on boards.ie.

lawrencesummers wrote: »

Pay rates are widely available for almost all jobs.

Well in here we've people saying no one in their game in on less than €90k unless they are grads and loads of other folk mention they are on way less than that and aren't grads so pay rates don't seem to be widely available tbh, not even the ranges within bands.

[Deleted User]

OEP wrote: »

What can someone do with your salary information? It's very Irish to be secretive about what you earn, which mostly benefits employers as opposed to employees

I don't agree to be honest.......... folk can be doing the same role but they can have varying experience, abilities and qualifications along with some acumen that manifests in them getting a better deal.

lawrencesummers

Augeo wrote: »

I'm not suggesting anyone can do anything with my salary information. Personally I don't tell too many people what I earn, I certainly don't put it on boards.ie.

Well in here we've people saying no one in their game in on less than €90k unless they are grads and loads of other folk mention they are on way less than that and aren't grads so pay rates don't seem to be widely available tbh, not even the ranges within bands.

And now aren’t they better off knowing and upping sticks to find the Benjamin’s elsewhere

iColdFusion

OEP wrote: »

What can someone do with your salary information? It's very Irish to be secretive about what you earn, which mostly benefits employers as opposed to employees

I would say its more to do with the total amount of information on you that is available online if someone really tried to pull it all together, even from your post history on here or if someone you know (who may or may not like you!) figures out your boards user name, sees you said you earn €200k but knows you always disappear when its your round in the pub :pac:

[Deleted User]

lawrencesummers wrote: »

And now aren’t they better off knowing and upping sticks to find the Benjamin’s elsewhere

Well as folks have mentioned the full picture isn't detailed.... It's a different gig. Different company etc.

Most folk are aware that there are folk doing the same ish role as them for more cash.

floorpie

iColdFusion wrote: »

This thread is a bit depressing but im guessing alot of these salaries are for Dublin based jobs?

If you want to de-depress yourself just use taxcalc.ie to see their net earnings. The ridiculous tax rates/bands disincentivise pushing yourself too hard in Ireland as a PAYE worker, imo.

lawrencesummers

floorpie wrote: »

If you want to de-depress yourself just use taxcalc.ie to see their net earnings. The ridiculous tax rates/bands disincentivise pushing yourself too hard in Ireland as a PAYE worker, imo.

There is a level or a window at which it’s pointless to earn more, but when you exceed that window it’s worthwhile earnings wise

[Deleted User]

floorpie wrote: »

If you want to de-depress yourself just use taxcalc.ie to see their net earnings. The ridiculous tax rates/bands disincentivise pushing yourself too hard in Ireland as a PAYE worker, imo.

Once you see a fair lash of your income taxed at 8% USC, 4% PRSI and the 40% PAYE it gets a bit WTF but the tax relief on pension contributions and approved share schemes takes the sting out of it to an extent.

floorpie

lawrencesummers wrote: »

There is a level or a window at which it’s pointless to earn more, but when you exceed that window it’s worthwhile earnings wise

Worthwhile when considering the increase in responsibility for higher earnings? I'm not so sure.

Entry level in my place grosses about 30k and the top point of top grade gets 5x that at 150k. Only a select few could ever get to this level, and only after an exceptional career. But net, the top earner gets what, maybe 3x the bottom person in the company, with infinitely more pressure, stress, responsibility, demands.

I know I'm simplifying the numbers, but a person earning an average wage doesn't need to be depressed about the figures in the thread. It looks better on paper than in reality imo. They represent a more comfortable lifestyle, but not a carefree or 'rich' one.

[Deleted User]

floorpie wrote: »

.............

..............
I know I'm simplifying the numbers, but a person earning an average wage doesn't need to be depressed about the figures in the thread. It looks better on paper than in reality imo. They represent a more comfortable lifestyle, but not a carefree or 'rich' one.

Life brings with it challenges and choices.
There are plenty folk on above average salaries that aren't stressed.

I'd a job 20 years ago on shift, basic was €30k but with shift and the 42/hour week that came with it I was grossing about €48k. Didn't really like the gig, was a production role and boring as fnck so left, if I'd stayed after 20 years of increments etc etc I'd be twice that now, I can assure you, there was no stress.

floorpie

Augeo wrote: »

Life brings with it challenges and choices.
There are plenty folk on above average salaries that aren't stressed.

I'd a job 20 years ago on shift, basic was €30k but with shift and the 42/hour week that came with it I was grossing about €48k. Didn't really like the gig, was a production role and boring as fnck so left, if I'd stayed after 20 years of increments etc etc I'd be twice that now, I can assure you, there was no stress.

Ah I totally agree. Like I said, I know I'm simplifying (a lot :P) Some people will likely never earn >50k though, and I don't think they need to worry too much about it (simplifying again)

ELM327

Augeo wrote: »

Once you see a fair lash of your income taxed at 8% USC, 4% PRSI and the 40% PAYE it gets a bit WTF but the tax relief on pension contributions and approved share schemes takes the sting out of it to an extent.

Even worse for those that are non-paye, as theres another top rate of 11% over 100k.

lawrencesummers

floorpie wrote: »

Worthwhile when considering the increase in responsibility for higher earnings? I'm not so sure.

Entry level in my place grosses about 30k and the top point of top grade gets 5x that at 150k. Only a select few could ever get to this level, and only after an exceptional career. But net, the top earner gets what, maybe 3x the bottom person in the company, with infinitely more pressure, stress, responsibility, demands.

I know I'm simplifying the numbers, but a person earning an average wage doesn't need to be depressed about the figures in the thread. It looks better on paper than in reality imo. They represent a more comfortable lifestyle, but not a carefree or 'rich' one.

Yep over simplifying it alright, but the grass isn’t always greener on the other side.

Take teaching for example. After a few years in the classroom with a bit of experience it gets easier, some years give harder classes than others and being a principle can be as easy or as hard as one wants to make it, but a few years at the end of your career dealing with the stress of being a principle and you retire on a much tastier pension.

One persons stress is another’s bread and butter, and one persons handy job is another’s nightmare.

[Deleted User]

ELM327 wrote: »

Even worse for those that are non-paye, as theres another top rate of 11% over 100k.

True, such folk can effectively get PRSI and USC relief on their pension contribs if they are directors of their own companies though ......... swings and roundabouts.

sudocremegg

griffin100 wrote: »

My Dad did this for 30 years (the term paramedic only came in towards the end of his working life). He was making €80k plus around 2005/6 but he did a lot of overtime for that. When the recession hit and reduced salary and overtime rates came in he took the chance to take early retirement around 2010/11. Glad he did, it’s not a job for a man in his 60’s.

Back during the celtic tiger there was paramedics making upwards of 100k per year with overtime and subsistence. I wasn't in the job then but I struggle to imagine any paramedics earning that much these days.
If you're in the job long enough for long service increments, on top of doing tons of OT you could push the earnings up but I don't know if it's worth it myself. I value my time off a lot. The job is stressfull enough and we practically live in the station some weeks with the hours we already do.

Back in 2005 things were only beginning to be regulated. There was no real formal education and many paramedics back then had done basic ambulance attendant courses and could give a bit of oxygen and maybe an aspirin.

These days we have a big arsenal of drugs and interventions, are all university educated and have strict regulatory standards to abide by. Every 4-5 years PHECC upgrade our guidelines and give us more skills and drugs and thus increasing our responsibilities yet we still haven't had full pay restoration, let alone a pay rise despite the workload increasing ten fold in the past decade.

it’s not a job for a man in his 60’s.

Most paramedics don't reach retirement age which is now 66. The physical lifting and mental stress ends up burning most of us out. I see it every day in my older colleagues. I could count on one hand the paramedics I know who could stick it to 66.
On top of that we're constantly reminded and told about how studies from around the world show that most paramedics die before they're 70 anyway. Woohoo.

hi!

floorpie wrote: »

If you want to de-depress yourself just use taxcalc.ie to see their net earnings. The ridiculous tax rates/bands disincentivise pushing yourself too hard in Ireland as a PAYE worker, imo.

Couldn’t agree more. No incentive to work in this country.

[Deleted User]

floorpie wrote: »

If you want to de-depress yourself just use taxcalc.ie to see their net earnings. The ridiculous tax rates/bands disincentivise pushing yourself too hard in Ireland as a PAYE worker, imo.

If you want to un-depress yourself, review the data that shows that Ireland is not a high tax country.

https://www.irishtimes.com/business/personal-finance/ireland-v-the-rest-of-the-world-do-we-pay-too-much-tax-1.3230432

Creamy Goodness

Really dislike this narrative that there’s no incentive to work in Ireland, or the “sure I don’t want a pay rise cause I’ll get taxed 50% now”. Glorified oversimplification.

[Deleted User]

Plenty successful folk seem to find the incentive.... It's a head scratcher isn't it :pac: