Five ways to squeeze extra money out of your wages after Budget tax changes makes it harder than ever to get a pay rise
Five ways to squeeze extra money out of your wages after Budget tax changes makes it harder than ever to get a pay rise
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THE upcoming tax raid on businesses could see workers' pay stagnate - but there are ways to squeeze the most out of your wages. The Government is hiking employer National Insurance contributions (NICs) on April 6 from 13.8% to 15%. Fears have been raised the tax hike will see staff faced with stagnant wages as businesses look to cut costs.
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It comes with shoppers already facing price rises after a number of retailers warned they would have to pass on the hike. Given the context, workers up and down will be worried about their salaries stretching as far in 2025. However, there are ways to boost your income if you're facing a salary freeze, including asking for the dreaded pay rise.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, and Danni Hewson, head of financial analysis at AJ Bell, revealed five ways to squeeze the most out of your income ahead of April. Asking for a pay rise is a daunting task, but going about it in the right way will boost your chances of getting one.
Make sure you've got evidence to back up your request though. This means finding out what other workers in a similar role either at your company, or elsewhere, are getting paid. To save you asking colleagues, which could ruffle feathers, try websites like Glassdoor or Indeed where you can see how much people get paid for specific roles.
Both have websites or apps which are free to download off the Apple App Store or Google Play. If, after research, your pay seems reasonable, think about how you might have gone above and beyond in your role over the past year and use that as evidence you deserve a pay rise.
