Hi,
I'm trying to put together a salary model and need help with a formula which takes into account annual pay rises when calculating each person's monthly costs.
For example, worker 1 starts on a basic pay of £1500 per month but on the 1st August each year receives a 3% pay rise and on 1st January each year receives a 2% pay rise.
I'd like to have a projection of costs for the next 5 years so I need a formula which will automatically increase their monthly cost in the relevant month each year and carry the new costs forward. At the moment I'm having to just manually change the amounts in the months when the pay rise occurs
Thank you!
I'm trying to put together a salary model and need help with a formula which takes into account annual pay rises when calculating each person's monthly costs.
For example, worker 1 starts on a basic pay of £1500 per month but on the 1st August each year receives a 3% pay rise and on 1st January each year receives a 2% pay rise.
I'd like to have a projection of costs for the next 5 years so I need a formula which will automatically increase their monthly cost in the relevant month each year and carry the new costs forward. At the moment I'm having to just manually change the amounts in the months when the pay rise occurs
Thank you!
