Loans & savings
Pay Raise Calculator
Enter your current pay and either the raise percentage or the new figure you've been offered. Pick hourly, weekly, monthly or yearly so the calculator can show what the raise is worth over a year.
Your result will appear here.
How it's calculated
New pay is the current pay times one plus the raise. Going the other way, the raise percentage is the difference divided by the old pay.
Two raises in a row compound: 3% and then 4% is a 7.12% rise in total, not 7%, because the second raise is on the already higher pay.
New pay = Pay × (1 + Raise) Raise = (New − Old) ÷ Old
How to do it in Excel
=A2*(1+B2)- New pay, with current pay in A2 and the raise in B2 as a percentage.
=(C2-A2)/A2- Raise percentage from old pay in A2 and new pay in C2.
=A2*(1+B2)*(1+B3)- Pay after two raises in a row.