The salary question?
- Thread starter kai
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I'd definitely tell people what I earned in VND, what's that 9 billion a year
Worst currency i have to deal with. All my spreadsheets explode when i switch to our JCV office!
I'll discuss wages with friends , for example me and another friend worked together both applied for jobs and when applying we discussed what the wage was and what out expectations were. My old boss upon leaving asked what I was on in my new job and I just said enough as I didn't feel it would be beneficial to tell him (I'm on more than him) . When I got a fairly decent pay rise (9k) last year before leaving the terms of the payrise specifically advised that it was not to be discussed. I understand as well as there were people in the company who haven't had one in years.
So discussing salary is OK in some circumstances and not in others
So discussing salary is OK in some circumstances and not in others
Isn't that one of those things that employers often say, but can't enforce? I believe it's illegal to ban employees from discussing pay.
Nope. its standard and enforceable and you can be subject to disciplinary action so long as they have a salary confidentiality clause in their contract of ermployment.
However, . The Equality Act 2010 also outlines that it’s unlawful to prevent employees from disclosing a difference in salary if they’re trying to understand whether it’s an equal pay issue between male and female workers exists. So this trumps any confidentiality clause on wages.
A quick google suggests that if these clauses are in contracts then they aren't enforceable and potentially could be illegal (thanks to the equality act 2010). An employer can only ban you from discussing pay while you're at work.
http://www.cantswingacat.co.uk/2019...-from-discussing-my-salary-with-my-coworkers/
https://metro.co.uk/2018/11/09/can-...ing-about-salary-with-your-coworkers-8122544/ (metro but the article looks legit)
Indeed which is why i mentioned the Equality Act myself. It doesnt necessarily make the clauses illegal but very difficult to enforce as any employee caught discussing wages can just fall back onto it as a defence (unless you work in a place where you are all white men between the ages of 25 and 55 with no disabled people) .
And even before the Equality Act an employee couldnt ban you from realising your pay externally from the company.[/QUOTE]
I was spreadsheeting some household finances, and it turns out our household income puts us in the top 2% for the country.
That is insane, we are by no means rich, in fact still a way to go before the household income even hits 6 figures.
I see ads for £2 million apartments in London, and you realise that really that is 90% foreign investors.
As for the OP, the only people that know my salary are my boss and my wife.
That is insane, we are by no means rich, in fact still a way to go before the household income even hits 6 figures.
I see ads for £2 million apartments in London, and you realise that really that is 90% foreign investors.
As for the OP, the only people that know my salary are my boss and my wife.
mad isnt it? I reckon there is a very large proportion of peopl on this forum in the top 2% or even 1% household incomes in the UK, yet none of us consider ourselves as "rich".
Soldato
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What is the salary range for top 2% salary for UK?
Soldato
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depends who you listen to, it varies wildly
Top 1% £688,228 21% of total UK wealth
2% £460,179 28% of total UK wealth
5% £270,164 40% of total UK wealth
10% £176,221 53% of total UK wealth
25% £76,098 72% of total UK wealth
50% £35,807 93% of total UK wealth
However, the guardian says this:
A salary of more than £80,000 a year does put someone in the top 5% of earners, even if they do not necessarily feel wealthy.
Those must be 'wealth' (i.e. net worth) figures as the income figures are nowhere near that. The most accurate figures for income percentiles are probably the official Treasury/ONS ones: https://www.gov.uk/government/stati...1-to-99-for-total-income-before-and-after-tax
Don't make any of those brackets unfortunately. Work from home for a business though, have very flexible hours which is nice.
I didn't discuss it with all my co-workers when I was in the office, depended on the person. 2 of them I was happier to discuss it with, since they didn't see it as a personal insult to them etc, one I wouldn't have told, as they'd have started ranting on I suspect.
Have told friends etc when the topic has come up, but don't go out of my way to bring it up. I'm OK, far from wealthy, but as a normally quite reluctant spending, I'm a long way from the poor house.
EDIT - The ONS one puts me into the top 50% at least. Long way from being wealthy though.
I didn't discuss it with all my co-workers when I was in the office, depended on the person. 2 of them I was happier to discuss it with, since they didn't see it as a personal insult to them etc, one I wouldn't have told, as they'd have started ranting on I suspect.
Have told friends etc when the topic has come up, but don't go out of my way to bring it up. I'm OK, far from wealthy, but as a normally quite reluctant spending, I'm a long way from the poor house.
EDIT - The ONS one puts me into the top 50% at least. Long way from being wealthy though
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Soldato
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ah yes you are correct
Most wealth is inherited and passed on. If you start with nothing, it's almost impossible to actually get to the top 1% of wealth even if you're at the top 1% of income. For that you need to go into 0.05% of income (think professional football player or actor, etc). When you reach £100k of income, it gets so highly taxed (and you lose all benefits) that you're guaranteed to remain in your own class, and never go into the upper classes of society. This is by design. In this country we tax income, not wealth. We don't have property taxes for example.
Likewise, if you're in the top 1% of wealth, unless you're a complete idiot or want to burn everything down, it's almost impossible to come down in class, even if your income is pretty low (and you still get a lot of the income-related benefits too!). Your existing assets will always appreciate a lot faster than you can reasonably spend the money so you never become poorer.
You're wrong on this. £2000 a month invested consistently for 18 years with average rate of return of 5% gives £693k, which puts you in the top 1% wealth bracket (going on figures mentioned earlier). Take home at £100k is £5553/month, so this would be doable. This ignores the fact that you'd be paying off a mortgage, paying into a pension too, so actually you'd enter that bracket sooner.
Definitely a subject best kept to yourself IME..
I've been slightly envious when friends have become millionaires, and vice versa I've had people go quiet on me for months because they found out I was earning at least double their salary..
I've been slightly envious when friends have become millionaires, and vice versa I've had people go quiet on me for months because they found out I was earning at least double their salary..
I don’t even MAKE £2k a month before tax, never mind after tax! If you’re in a position to put away £2k a month along with paying all your other bills I wouldn’t consider you well off, I’d consider you bloody rich!
Depends on the company you keep in a situation like that. If you have friends that have done very well for themselves yet you’re very happy ticking along on £30k then you are more likely to not discuss it. As some have said above they have better off friends always planning trips or events and they have to decline due to their own finances not being on par with their friends.
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