6/04/2010

Jordan Got a Raise!

I am so proud of him!

He started working at the company he works for almost a full two years ago, and yesterday he had his first performance and salary review.  Thankfully, he had recently completed his first year apprenticeship and passed with flying colours - which resulted in an awesome review.

Jordan's raise was 9.375%!

His salary went from $38,400 to $42,000!  His manager had first offered $40,800 and after a conversation about expectations and the work that Jordan has done on top of the money he's saved his company - he negotiated up to $42,000 which was exactly what he wanted!

What does that mean?  It's.

$3,600 more annually
$300 more a month
$138.46 a pay day
$1.73 an hour

So, all of those numbers are before tax - I want to know what the raise will actually net him.

After a little spreadsheet math, and using the CRA's payroll deduction calculator
I estimate that Jordan will have an extra $100 every pay day.

What he does with the extra money - is totally up to him.  I have (of course) made a few suggestions.  There's two things, one I'd love to see him do.  

One: Increase his RRSP contributions from $25/pay day to $50/pay. 
Two: I'd love for him to have an emergency/travel/planned spending whatever fund.  
                      Just a spot to put money - for him - for later.


Reactions:

6 comments:

  1. Way to go. . . I totally agree with putting the money away now. At the present time you are not living with money coming in so if you take half of the extra money and put it away you are still added half of the raise to your take home.

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  2. Great job, Jordan! It's so great that his employers recognize and reward his talent and contributions. :)

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  3. Woop woop! That's amazing, he must be a stellar employee - keep it up

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