Was not sure where to post this question but I am really hoping for advice because I know many of you wise people will be able to help me. I am being reviewed for a raise and was asked if I would consider a deal where I could get paid a set amount of OT hours per week and not be bound to work them. I am trying to weigh they pros and cons of this. If I were to apply for a loan down the road and I consistently earned this... Say $300 extra a week .... Would they figure this $$$ into my income figure? Any input/advice would be greatly appreciated. Thanks alot
OT as a raise
Started by
horsegoer
, Aug 03 2012 10:13 PM
4 replies to this topic
#1
Posted 03 August 2012 - 10:13 PM
#2
Posted 04 August 2012 - 08:37 PM
to me it sounds like it would stink.
or, change the title of this thread to "when is a raise not a raise"
You might want to ask about the role of OT in calculating income over in the mortgage forum which is the type of loan it might matter the most for.
or, change the title of this thread to "when is a raise not a raise"
You might want to ask about the role of OT in calculating income over in the mortgage forum which is the type of loan it might matter the most for.
#3
Posted 17 October 2012 - 05:01 PM
It's not a raise. You're just working more hours. If they keep doing this everytime you get a "raise" you'll never leave the office. Is this the quality of life you want? Also, with many pension plans your pension is calculated on your base pay, not including your overtime. And if business slows, your business will probably cut back on overtime before cutting salaries. There goes your raise.
Edited by Burgerwars, 17 October 2012 - 05:02 PM.
#4
Posted 10 February 2013 - 12:39 PM
They are trying to get over on you. If you deserve a raise they need to do just that and give it to you. Overtime is something that I personally like to do at my own discretion. Plus working overtime can put you in a different tax bracket and cost you. So think of this before you agree.
#5
Posted 17 April 2013 - 03:42 PM
Agreed with the sentiments of the pp, just wanted to add for mortgage loans, they may factor in your overtime if it is consistant over an extended period. My dh works regularly overtime due to the nature of his employment. He was asked to bring at least a year of overtime pay verification. The amount was used to factor in our monthly income amount.
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