Advice on potential take home-pay moving up grade in Public Sector

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lastars

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I am looking for a service online or in-person in the West of Ireland to help me with a take home pay hypothetical question.

Is there a service where I could show my payslip with current pension set up and pension options.
Could an expert check my Gross Pay, tax credits SRCOP situation and also my private health insurance and maybe future Bike to Work scheme deductions to get an idea of how much a move up a grade and increase in salary would be worth to me in Nett Pay- at each salary increment of that grade in the next 3 years.

It would really help with budgeting and also my Pros and Cons list of competing for higher grades and taking on more responsibility versus taking a step to build on my own potential side business idea. A small service business with possible earning of under 5k each year.

I see lots of online "guides" but am not sure I'm am entering all the exact information from PAYE etc and there is no way to know for sure I am getting these calculation correct.

I am not a Civil Servant so am on a defined contribution scheme. I pay 5% and employer pays 11%- is this a good work pension?


AVCs are an option posted below. I would like to learn ore about what they mean, benefits to me and I am Grade 1 so on a very tight budget just about making ends meet at the moment so am not paying anything extra into pension.
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Hi,

You seem to have queries on pay, pension and budgeting in the above post.

This calculator may help with the basics in terms of calculating your net take home pay. You can google most Public Sector pay scales to see the values for different jobs at different levels.

https://download.pwc.com/ie/budget-2024/income-tax-calculator.html.
Your health insurance and bike to work costs would be the same no matter what income you have so they would be part of your budgeting calculations.

That Employer pension contribution is good so definitely keep that going if you can as its 'free money'. Depending on your age, your dependents and your housing situation you may want to balance the benefits of AVC's versus saving for a house or having manageable mortgage repayments.

Going for higher grades will probably give you more financial options for everything so I personally justify the effort as an investment in my future but its an individual decision.
 
Do the calculations yourself.

Take into account the marginal tax rate, 4% PRSI, and the USC.

That gives you a rough starting point.

For anybody earning over 42k, the marginal tax rate is 48.5%.

If you earn ovber 70k approx (check that), the MTR is 52% = 40% tax + 4% PRSI + 8% USC.
 
lastars said:
I am Grade 1 so on a very tight budget just about making ends meet at the moment
Click to expand...

Seems like a no-brainer to compete for higher grades. And you want to pay an expert to come up with figures to justify it?

You can always give the side business a try as well.
 
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