How to Calculate for the New 2% Base Pay Increment In July 2024
2% Base Pay Increment Effective July 2024
How to Calculate for the New 2% Base Pay Increment In July 2024
The first phase of the public sector salary rise was 23 percent which started from January and end in June 2024. The second phase of the public sector salary rise is 2 percent which started from July and end in December 2024.
Salary employees will noticeably benefit from this rise of 25% untill New incremental jump takes effect from January 2025.
The National Tripartite Committee (NTC) also increased the minimum wage from GHS 14.88 to GHS 18.3024 (a 23% increase). As of January 1, 2024, this means that all workers in Ghana are guaranteed a minimum monthly wage of GHS 183.024. Base Pay Calculator 2024
For individuals receiving monthly payments, this corresponds to a minimum of GHS 512.46 over a 28-month period. In order to provide workers with adequate compensation, employers must not pay less than this.
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The minimum daily pay should be GHS 377.6, assuming there are 20 working days in a month. Employers in Ghana must strictly adhere to these new regulations in order to support living wages and protect the rights of their employees. Base Pay Calculator 2024
The need to figure out your first-tranche rise accurately. particularly for the staff at GES.
The base pay of your 2024 salary is calculated for both 23% and 2% as follows:
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How to Calculate Your 2% Base Pay Increment for July
For instance, if we are giving 2% and your base pay (single spine monthly salary) is ₵4385.433
Your new base pay will be ¢4385.433 plus 2%= ¢4385.433+ 87.70= ₵4,473.133
Gross pay = base pay+ retention premium.
But, retention premium will be = 15% of the new base pay ( ¢4,473.133).
Retention premium= ¢4,473.133×15%= ¢670.97
Hence, New Gross pay= New base pay + new retention premium= ¢4,447.133+ 670.97= ¢5,118.10
Therefore, your new gross pay will be 5,118.10 effectively July 2024.
How to Calculate For Your 23% Base Pay lncrement for January-June
For instance, if we giving 23% and your base pay (single spine monthly salary) is ¢3,100.34
Your new base pay will be ¢3,100.34 plus 23%= ¢3,100.34+ 713.0782= ¢3813.42
Gross pay = base pay+ retention premium.
But, retention premium will be = 15% of the new base pay ( ¢3813.42).
Retention premium= ¢3813.42×15%= ¢572.013
Hence, New Gross pay= New base pay + new retention premium= ¢3813.42+ 572.013= ¢4385.433
Therefore, your new gloss pay will be 4385.433 effectively January 2024.
2%, July- December Base
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