Question 1

How do I calculate my pay after a raise?

Accepted Answer

To calculate your pay after a raise, use this formula: New Salary = Old Salary + (Old Salary × Raise Percentage / 100). For example, if you earn $50,000 annually and receive a 5% raise, your new salary would be $50,000 + ($50,000 × 0.05) = $52,500.

Question 2

What is a good pay raise percentage?

Accepted Answer

A typical annual raise ranges from 3-5% to keep pace with inflation and cost of living. A 5-10% raise is considered good, especially for promotions or taking on additional responsibilities. Raises above 10% are excellent and typically come with significant role changes or job switches.

Question 3

How do I negotiate a higher salary raise?

Accepted Answer

To negotiate a higher raise: 1) Research market rates for your position, 2) Document your achievements and contributions, 3) Choose the right timing (after completing a major project), 4) Practice your pitch, 5) Be specific about the raise you're requesting, and 6) Be prepared to discuss non-salary benefits if the raise isn't possible.

Question 4

Is a 10% raise the same hourly, weekly, monthly, and annually?

Accepted Answer

Yes! A 10% raise is equivalent across all pay periods. Whether you calculate it hourly, weekly, monthly, or annually, the percentage increase remains the same. If you earn $20/hour and get a 10% raise, your new rate is $22/hour - and your annual salary also increases by exactly 10%.

Question 5

What percentage raise equals one extra month's salary?

Accepted Answer

To earn one extra month's salary per year, you need approximately an 8.33% raise (1/12 = 0.0833 or 8.33%). This means by year's end, your total compensation will be equivalent to 13 months of your previous salary.

Question 6

How do I convert hourly wage to annual salary?

Accepted Answer

To convert hourly wage to annual salary: Annual Salary = Hourly Rate × Hours per Week × 52 weeks. For example, $25/hour at 40 hours/week = $25 × 40 × 52 = $52,000 annually.

Raise Type	Typical Range	Notes
Cost of Living Adjustment	2-3%	Matches inflation
Merit Increase	3-5%	Based on performance
Promotion	10-15%	New responsibilities
Job Change	10-20%	New employer
One Extra Month Annually	8.33%	1/12 = 8.33%

Pay Raise Calculator

How to Use the Pay Raise Calculator

Pay Raise Formula

Example Calculation

Common Raise Percentages

Tips for Negotiating Your Raise

Do Your Research

Document Achievements

Time It Right

Be Specific

Frequently Asked Questions

Need Help With Financial Planning?