Virgin take home pay
Ok, I've tried searching with no success......
could someone please tell me how much an F/O (on the 400) with VAA actually takes home per month (after tax). Any additional info on salary/benefits greatly appreciated. It's career decision making time again!!:) |
It has been covered before, but starting basic salary is about £43k. There is a further £7.5k (currently) in hourly pay and profit-related pay. On top of that are the subsistence allowances which total around £5k - but are spent down route, of course!
Take-home pay will depend primarily on two things - which country you live in (many Virgin pilots live overseas) and what pension contribution you elect to make. Assuming you are under 51, you may contribute up to 15% of your pensionable income (which includes the hourly and profit-related pay). As long as you contribute at least 6%, the company will contribute a further 15%. Other benefits include private health insurance for you and your family, death-in-service benefit, loss-of-licence insurance and PHI (critical illness cover). There are plenty of other things, but that'll do for now! Oh yes, for a UK taxpayer, before pension contributions, your take-home should be around £2800 a month. |
Thanks for that scroggs - very helpful. 2800 a month seems a little on the low side, most of the people I speak to claim to take home about 3200 - but I can't seem to get a definate (consistant) figure. F/O's at ryan and ezy are taking home more than 2800, is the pay really that bad?
Thanks again for the info.....a lot lower than I'd hoped for though!!:uhoh: :uhoh: |
Yr 1 : £2940 take home on 60 hrs flying. This, after 6% pension contribution (company 15%) and PHI etc. Not including allowances from trips.
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Well, I may have overestimated the tax take! As I say, it depends on your tax situation. A starting pay of £50k (pensionable) plus allowances seems better than most UK airlines - and it will go up significantly in July as the final year of the last pay deal kicks in. I'm aware that Ryan and EZ pilots can take home more - but, AFAIK, they're not on incremented pay. At year 10 as an FO (which you may or may not reach - command comes at about 7 years at the moment) your pay would be approximately £64k including hourly and profit related pay (Jan 05 rates - will rise from July).
I doubt anyone here has claimed Virgin is the best-paid airline around, but it's a hell of a lot better than it was! Whether it's enough for you, only you can say. But you can make your own calculations based on £50k starting pay and your own tax rate, and whatever pension contribution you think you are likely to want to make (up to 15% of basic). |
I'm at Britannia and i took home an average of £3300 last tax year.
BB :O |
Basic in year one ~45000 then +2.5%+RPI per year. Hourly (block) pay for FO £10.22 per hour (figure will change in July). Contracted for 760 hours per year. If you fly above 760 then you'll also get basic/750 per HOUR! This is £62 per hour for me. You can also volunteer for 100 extra hours in which case you'll get ~60 per hour after you've done 81.5 in any particular month. Oh and a sock full of money when you get to the hotel down route. The company will put in 15% gross to your pension if you put in just 6%-although you can put in a full 15% also. So the options are open, one chap might work like a dog and coin it in another can stick to the basic and get more time off. What can I say........I've been around a bit -If they offer you a job- TAKE IT!
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Thank you all - most helpful!:ok: :ok:
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BB,
Yes but you're not a first year FO and earned a little flexi + hajj money, no?;) MAX:cool: |
Try this link it will give you your takehome bases on any gross salary
http://www.e-gismos.com/ukpay.asp |
Nice link, FS. Using a tax code of 370 (which is what mine is), the starting pay of £43600 plus £7665 variable pay, the monthly take-home - before pension contributions - is £2922. So my £2800 estimate wasn't wildly out!
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Yr 1 : £2940 take home on 60 hrs flying. |
command comes at about 7 years at the moment 16B |
Are allowances/flight pay taxable?
As I understand it Virgin give you a wad of cash downroute for allowances, whereas BA give you it in your paypacket. Does this affect the tax situation? |
I heard that at the moment Virgin is only considering applications from people with time on 330 or 340.
Has anyone with only time on the 320 been successful in getting a job with them? |
Scroggs, me old, is that situation likely to persist for the foreseeable? BA appear to be up the proverbial waterway in this department, with no light at the end of the tunnel. I believe this could be a major factor putting people off BA, hence their 'shortage'. 7 yrs to command is fairly good in the grand scheme and makes VS alot more attractive overall. Any thoughts? Are allowances/flight pay taxable? As I understand it Virgin give you a wad of cash downroute for allowances, whereas BA give you it in your paypacket. Does this affect the tax situation? I heard that at the moment Virgin is only considering applications from people with time on 330 or 340. Has anyone with only time on the 320 been successful in getting a job with them? |
hmmm...
I was at the Virgin Atlantic site recently, and my understanding is that in order to be hired as a pilot, you have to have the ability to live and work in the EU (permanent residency visa or equivalent) in addition to meeting the minimum requirements.
Is this not correct? |
Yes, it is correct - as it is for any EU-based airline, in exactly the same way as the US requires the right to live and work in that country, ie the green card.
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Commands are a function of two things: retirements and expansion. Virgin has relatively few retirements as most captains are in their 40s, but is expanding at about 10% per year. At the moment, that means command in 7/8 years, though there is no guarantee that this figure will remain valid. If expansion stopped tomorrow, command would go out to 15 years or more. Hope this helps! |
Allowances are taxeable in VS, and they have already been taxed when you get them. Inland revenue assume you will spend 75% of them and tax at 22% of the remaining 25% is deducted at source and paid by the company.
However, I think (and am willing to be corrected on this) that some time in the future (possibly 1 Apr 06) Inland revenue are planning to tax all allowances at your highest rate and anything you spend downroute (on living expenses) is deductable. |
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