How much is your overtime costing you?
Most of us end up putting in a bit of overtime now and then. You might think the odd hour here and there is ok but when you total it up over a year, it can quickly add up. According to a study TotallyMoney.com ran with OnePoll looking into overtime in the UK, the average amount of overtime workers put in equates to around 45 working days a year. The fact that only three out of ten workers are paid for this means many of us are putting in an extra nine working weeks a year – for nothing. To put this another way, on average, we work from 14 September to the end of the year without pay. No wonder that 65% of people feel their overtime hours are not being valued by their employers. If these statistics sound shocking or even a little unrealistic then you need to examine the evidence. A new 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 £30,000), how many hours you work (39). 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 287.5 hours extra each year. Based on a salary of £30K, that represents just under £4,500 of lost income and means you’ll be effectively working for nothing from 10 November. The reality is that many of us are putting in many more hours of overtime than this, often feeling pressured to do so in order to meet targets. Some of the other findings include: · Women miss out on £1,000 more in lost income than men · Londoners work the most overtime with an average of 35 hours a month Teachers work an average of 54 days of overtime a year, with eight out of ten not being paid. In the healthcare sector, workers are putting in an extra month of unpaid hours, often because they feel responsible for their work. 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, do the sums and you might be surprised how much this is leaving you out of pocket. Take the overtime test here: https://www.totallymoney.com/overtime-worth/ Notes for editors TotallyMoney.com, launched in 2007, is the UK’s leading credit-focussed comparison website which sets out to make it simpler for consumers to compare credit cards, loans and mortgages. With a revolutionary approach to credit comparison, TotallyMoney.com uses exceptional comparison tools to empower people to make better financial choices.
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