Please can you help me make sense of the Natwest Salary?

Please see this. its what's written on the website:

' On-target package of £24,741 pro rata-made up of:
Salary - ranges star from £16,199 pro rata with a reference salary of £18,513 pro rata
25% benefit funding which you can choose to take as cash or spend on benefits, such as retirement savings, and
on-target incentive payment of £1,600 pro rata
Generous holiday allocation of 33 days per year, made up of 25 days plus 8 bank holidays (pro rata for hours worked) '
Can you please answer my questions on the above?
1. Does it mean if I complete all my targets and work full time for a year I earn '£24,741'?
2. If the salary range starts from £16,199 does that mean thats the initial salary for new people, then each year etc it will go up if you improve etc? Or if you already have experience in banking then you starting salary will be more than £16,199?
3. Does 25% benefit funding if you 'take it as cash' mean you basically get free 25% of the reference salary as well as your normal salary (i.e. starting salary)? i.e. you get 4628.25 which is 25% of £18,513? so if you get the starting salary of £16,199 + £4628.25 + the incentive (if you compete targets ) of £1,600. But this does NOT add up to £24,741 as said above. Thats why I am confused.
4. Many thanks in advance. Have a lovely day :smile:

Reply 1

Sky_Dream

16

I think the package of £24,741 is not just the salary, but also made up of all the other benefits (ie salary, incentive payments, benefit funding). I think the basic salary will be between £16,199 and £18,513 but I'm not sure what a reference salary is so I couldn't tell you what you'd get.

25% of £18,513 is £4628.25. So £18,513 + £4628.25 + £1600 = £24,741. So I guess they used the higher estimates to give you an idea of maximum potential earnings. You added £16,199 instead of £18,513 which is why it didn't add up correctly. I hope this helps :smile:

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(edited 12 years ago)

Reply 2

Rybee

2

Why are you working at Natwest if you find your salary calcualtion too tricky - is the economy really that desperate!?

Reply 3

citalopram

OP

2

Original post by Rybee

Why are you working at Natwest if you find your salary calcualtion too tricky - is the economy really that desperate!?

Your so ****ing rude. Its cos the numbers didnt add up thats why and I DONT work in natwest.

Reply 4

citalopram

OP

2

Original post by Sky_Dream

I think the package of £24,741 is not just the salary, but also made up of all the other benefits (ie salary, incentive payments, benefit funding). I think the basic salary will be between £16,199 and £18,513 but I'm not sure what a reference salary is so I couldn't tell you what you'd get.

25% of £18,513 is £4628.25. So £18,513 + £4628.25 + £1600 = £24,741. So I guess they used the higher estimates to give you an idea of maximum potential earnings. You added £16,199 instead of £18,513 which is why it didn't add up correctly. I hope this helps :smile:

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thanks so much. do you know what I would have to do to get the £18,513 income as oppose to the £16,199? is it for people who have worked there for one year + or if they get promoted?

Reply 5

Sky_Dream

16

Original post by citalopram

thanks so much. do you know what I would have to do to get the £18,513 income as oppose to the £16,199? is it for people who have worked there for one year + or if they get promoted?

I have no idea. I guess you could have a quick search on google about what a reference salary is. I had a quick look but I didn't find anything super useful. Good luck! :smile:

Reply 6

citalopram

OP

2

Original post by Sky_Dream

I have no idea. I guess you could have a quick search on google about what a reference salary is. I had a quick look but I didn't find anything super useful. Good luck! :smile:

a reference salary is the salary they will use to calculate percentage bonus payments from :smile:

Reply 7

86501

1

Original post by citalopram

thanks so much. do you know what I would have to do to get the £18,513 income as oppose to the £16,199? is it for people who have worked there for one year + or if they get promoted?

Could be way off here but if it's not a personal communication to you and just written on a website or something could it be that the higher salary includes a London weighting and so which you receive would depend on which office you're in?