So, how much overtime do you put in and what is it costing you over the course of a year? If you think it’s just a few minutes here and there, use the TotallyMoney overtime calculator and you might be surprised how much this is leaving you out of pocket. Are you getting paid what you deserve in the run up to Christmas? http://www.totallymoney.com/overtime-worth/
In addition to the calculator TotallyMoney.com has released their annual study into overtime, and the UK is working more overtime than ever (http://www.totallymoney.com/overtime-survey/).
As a nation, we seem to be unable to break the overtime habit. According to the study TotallyMoney.com ran with OnePoll looking into overtime in the UK in 2017, the average amount of overtime workers put in equates to around 68 working days a year, or from Wednesday the 25th of October.
The fact that one third or workers are paid for this means many of us are essentially working for free from 25 October. Unsurprisingly 60% of British workers say they don’t have a good work-life balance.
Common reasons given for working overtime were pressures from colleague and excessive workloads. Some of the other findings from the study include:
The overtime calculator from TotallyMoney.com lets you work out exactly how much your overtime is worth each day. Simply input your annual salary (let’s say £27,000), how many hours you work (35 – the UK average). Say you arrive 20 minutes early and work half an hour over lunch each day. Add to that another 20 minutes at the end of the day to finish up.
Based on these small overtime minutes each day you’ll be working an extra 283.3 hours extra each year. Based on a salary of £27K (the UK average), that represents £4,500 of lost income.
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James McCaffrey – Senior Marketing Executive