How to use it
- Pick a mode: apply a raise %, or find the raise %.
- Enter your pay and choose whether it's per hour, week, month or year.
- See the new pay and what the raise is worth per hour, month and year.
The formula
New pay = current pay × (1 + raise % ÷ 100)
Raise % = (new − old) ÷ old × 100
Example: A 4% raise on $24.00/hour is $24.96/hour: $0.96 more an hour, about $1,997 more a year at full time.
Good to know
- Compare your raise with inflation: a raise below the inflation rate is a pay cut in real terms.
- A $1/hour raise is worth about $2,080 a year at full time.
- Merit raises at US employers have been budgeted around 3–4% in recent years; a promotion typically brings 10% or more.
Questions
How do I calculate a percentage raise?
Subtract the old pay from the new pay, divide by the old pay and multiply by 100. From $50,000 to $53,500: 3,500 ÷ 50,000 × 100 = 7%.
What is a 3% raise on $20 an hour?
$20.60 an hour, $0.60 more, about $1,248 more a year.
Is a 5% raise good?
It's above the typical merit raise of about 3–4%, and above recent inflation, so in most years it means your pay buys more.