Number Crunching
Hi all,
I’ve just been crunching the numbers regarding the take-home pay on RYR cadet contract (approx. for years 1, 2 and 3) based on PPJN and wondered if someone could let me know if I am missing anything here. I'm not requesting exact figures but want to make sure I'm on the right lines.
I’m not sure how accurate the below pay-rates are but according to PPJN they are somewhere around: 0-500 hours is approx. €30/sbh,>500 = €50/sbh and >1500 = €70 - based on 750 hours flying time a year:
Year 1 = (500 x 30) + (250 x 50) = €27,500
Year 2 = (750 x 50) = €37,500
Year 3 = (750 x 70) = €52,500
Using an FX rate of €1.25 = 1GBP (quite generous atpresent)
Year 1 = £22,000
Year 2 = £30,000
Year 3 = £42,000
And a tax rate of 15% for the first two years (owing toTR being an expense item) and 25% for year 3:
Year 1 =£18,700 £1,558/month
Year 2 = £25,500 £2,125/month
Year 3 = £35,700 £2,975/month
This doesn’t include paying off any debt from training, Type-Rating expense, LOL, hotels if based away from your home country, uniform, parking/commuting, medical etc.
Does this look about right? I really have no idea if this is accurate or not - these just my calculations based on info that is already out there.
Thanks all!