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Sample Calculation on 2024 Single Spine Salary Structure Increment
23% Increment, January 2024 – June 2024
For instance, if you are 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.
25% from July 2024 – December 2024
When it moves to 25%
The base pay will be the original base pay of 3100.34 + 25% of 3100.34 = 3,875.43
3,875.43 becomes the new base pay then plus the 15% retention = 3,875.43 + 15% of 3,875.43 = 4,456.74
Public sector workers to enjoy 23% pay rise in 2024
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SINGLE SPINE SALARY STRUCTURE 23% FOR 2024
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