Mid 60's base, earned just over 100k last year all in with RSU vest, bonuses etc.
Work in a tech MNC.
When you get to the higher tax bracket, maxing out your pension is really important to help reduce your tax burden. Yeah you dont get the benefit right away and you wont see a huge increase in your take home pay but you'll thank yourself when your 65 and have a decent pension
Completely depends on the job and the person. High salary does not always equal high stress. Tech is obviously used as the example most of the time - there are lots of software engineers, developers, data scientists etc. on 100k + working normal hours, and no more stress than any other job. Lots of people can do management jobs well without stress, the stress might come in when someone has taken a promotion too far and is in over their head.
Lets see what Leo does in the budget with his promise to mid pay workers.
At least if you work in the PS you can feel that you actually get something for your taxes. Although, in my opinion, anything over a 50% tax rate is stealing.
Yes, it is worth it.
I am not complaining about it really, just making a comment.
In my line of work, it is expected to move from grade 1 to grade 2. It is a normal part of career.
Yes, the 52% marginal tax rate after 70k approx is bad in Ireland.
The take-home pay did go up, I am better off, it's just that I'm not as much better off as I might have expected.
Plus the pension will be better, as you say.
@OEP Yeah I get what you mean, but I also wonder sometimes if those really high paying jobs are worth it (even in the long run) when you factor in the extra stress and increased responsibility that goes with them.
You're sucking diesel there! That's some amount of fuel. Are you on the road full-time?
You might want to make sure they have Revenue approval for that. If they're paying you for personal fuel beyond the Revenue limits, it could well come back on you, or more likely on them, at some stage in the future.
The difference (after tax) would be beneficial if you think of it just making your mortgage payments cost less...
I know. With young kids it is nice to be able to take random days off but I did have 27 days in a previous private sector role
If you think that way, you'll forever be stuck at a lower salary - and if that's suits your lifestyle then that is fine. But, for example, in order to get to the 150k job you need to take the 70k, 80k, 100k etc. jobs first. You're not going to go straight from a 60k salary to 150k. And you can put a lot of your pay rise into a pension to avoid the tax, and it will benefit you later in life.
49k salary and an extra 4900 for been on call once every two months. 7k bonus once a year and around 700 in diesel expenses every month tax free.
I work in IT. I’m happy enough with salary to be honest. If I start going up money it’s gonna bring extra stress.
im basically my own boss and only have around 10 hours of meetings a week which is great. I don’t really give a feck of moving up the pay scale unless I meet a missus and start a family as it brings extra stress
@Geuze Ah I see what you mean. Is there much point then in going for these higher paid grades/positions if you're losing most of it to tax. Is it just for the personal achievement element + slightly improved pension
Most places now I feel offer 25 as standard. Some offer a few days extra once you're there a few years.
Companies are having to make things more attractive to employees and more holidays is cheaper than payrises.
Hard to explain in a short answer.
Older PS schemes are final salary pensions
The Single PS scheme is a career-average scheme.
The final salary schemes mean staff who get higher earnings / promotions later in their career, get the full benefit of that into their pensions
Spend 35 years as a teacher, then spend 5 years as a principal - get a pension based on principal salary.
I was on 56-57k for many years.
Then five years ago, after maybe 17 years in the job, I applied to progress to a higher grade.
Did CV, made a presentation to five senior colleagues, 1h10 interview.
I moved to the higher grade, and am now on 88k approx.
Mind you, given the approx 60% marginal tax+pension rate I face, I didn't really feel a huge impact from the higher pay.
I suppose there is an element of "lifestyle-creep", I borrowed that phrase from reading it somewhere here a few days ago.
When I was on 56-57k, I thought 87k would be a massive change/improvement. It's not.
I negotiated this starting the job so had more flexibility than if in the job. We also have annual salary reviews, so that's where I'll ask for more money if I feel I deserve it - they don't necessarily give it to me when I ask though.
Jesus 30 days Annual Leave..
I'd nearly struggle to take those days where I am. That alone would be worth more than a 10K payrise to me I think...!!
@[Deleted User] Sorry I don't follow what you mean by "don't add your State Pension onto your figure. It's part of it (which is insane TBH)"
A big change came in 2013 with the introduction of the new so-called single scheme. Public servants recruited from then on retire on a pension based on average salary over their career – rather than final salary, which applies to the pre-2013 group.Their annual pension increases will be based on inflation, rather than tied to the pay increases of those in work, as applied to the pre-2013 public servants. These two changes make a big difference, and will start to reduce the pension bill later this century when large numbers of this younger group start to retire.
https://www.irishtimes.com/news/politics/q-a-what-is-the-story-with-the-cost-of-public-sector-pensions-1.4438799
Best talk to your pension officer but my wife's public pension is way better than mine will be, even though she is earning less because she predates entry.
Benefit is that you are not going to lose your pension
Also, don't add your State Pension onto your figure. It's part of it (which is insane TBH)
There is no comparison between the new and old. The new one would be the equivalent of around an 8% employer contribution if it was a defined contribution (according to some actuarial study I have seen). Obviously you remove the risk element of a private pension.
@[Deleted User] Thanks, one final thing, can you explain the difference between the old public sector pensions and new ones. How much worse off would you be on the new ones.
Very very little late working. In fact I get told to finish up and go home, by my GM at times, if I've lost track of time.
If I need time off tomorrow, for some personal reason, no issues, I just make up the time. Honestly, as long as I was not taking the piss, no one would be looking for that time back even though I always do.
Same for schools runs etc.
30 days annual leave and paid sick leave.
No bonus and modern pensions are very weak compared to previous private sector roles. Pay is also a rigid structure and never going to match private at upper levels of a scale. If you are coming into the PS you start at the bottom of your payscale, no matter your experience.
That's the trade off
@[Deleted User] Hi can you elaborate a little bit more on the work/life balance, what does it mean for you? I'm in the process of starting an IT role in the public sector analogous to grade 6 I think, main reasons for going the public sector route were job security and this work life balance everyone talks about.
IT 5 years
Grade 7 in Public sector at around 60K (that I don't know the exact pay to the nearest 1,000 means that I am doing OK I guess)
Massive pay cut coming into this role but much much prefer the work/life balance
I really think( myself included) find it really hard to ask for salary increases. Something I am still working on. I find it so hard and I’ve no idea why…
Agree, I also don't get why Irish people get so hung up on sharing salaries. I don't mean you need to go around telling everyone but sharing amongst friends / peers working in a similar area. I managed to negotiate a much higher starting salary a few years ago because I asked friends what they were earning and then was able to use this in negotiations. You can see the attitude with some people on here where they think everyone is making up their salary.
Yeah it depends on their level of experience. It's a fine salary for someone in 1-3 years PQE as I'm assuming there's a bonus on top of it.
Ah fair enough, my mistake
I assume DellyBelly is talking specifically about the average salaries for accountants since they quoted and replied to https://www.boards.ie/discussion/comment/119165516#Comment_119165516
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