Yearly increases

[Codebreaker007]

When do yearly increases usually kick in? For us its March (new financial year)
Its my first year as a SAICA trainee accountant and I'm really curious as to what percent we'll be getting
What do you guys think is a fair % increase y/y?

 

[Messugga]

When do yearly increases usually kick in? For us its March (new financial year)
Its my first year as a SAICA trainee accountant and I'm really curious as to what percent we'll be getting
What do you guys think is a fair % increase y/y?

Depends. Depends. Different companies run different financial years and will have different increase cycles.
As for a fair % increase - my advice would be to be grateful for whatever you're getting in the current economic climate.

 

[Ecko_1]

When do yearly increases usually kick in? For us its March (new financial year)
Its my first year as a SAICA trainee accountant and I'm really curious as to what percent we'll be getting
What do you guys think is a fair % increase y/y?

Trainee contracts don't usually follow increases like proper jobs.

When I was in articles there were 2 increases a year. The increase was based on your performance rating over 6 months. By the end of year 3 I was earning double what I started articles with. A small 1 or 2k increase every 6 months

 

[Snyper564]

When do yearly increases usually kick in? For us its March (new financial year)
Its my first year as a SAICA trainee accountant and I'm really curious as to what percent we'll be getting
What do you guys think is a fair % increase y/y?

TBH the best way to actually get this info is chat to your managers who have worked their way through it.

 

[SauRoNZA]

Talk to your manager.

If you just started there’s a good chance you’ll get no increase at all or a very low one.

When it happens will vary from company to company.

Asking how good an increase is really depends on your performance and deliverables and then that doesn’t mean much if the budget doesn’t allow for it.

A good starting point would he asking what the budget is for salary increases to get a baseline expectation.

Your individual performance will then come into play whether you get more or less.

 

[maumau]

Increases?...................I remember those

 

[Napalm2880]

Just a friendly reminder.

If you don't get an increase above inflation (real inflation, not CPI) then you're making a year-on-year loss.

Given the outrageous increases in the cost of electricity, municiple rates, food, and fuel, I need a double digit increase just to earn what I earned last year.

 

[Sensorei]

Unfortunately, it's a long shot trying to justify that one should get an increase to cover our soaring costs of living due to inflation, when SA's GDP has been shrinking. We all need to take a hit.

Unless you're the boss, then just feel sorry for your poor employees.

 

[beefymoocow]

If I recall correctly. I used to get 15% +per increase. And sometimes. You get two increase per year. But that’s like starting from a low base.

 

[Solver]

Each company has a different annual financial year end. As for increases, that depends on a few things, such as but not limited to:
1. Company performance
2. Individual performance
3. Your salary comparative to those on your job level

As an example, my company gave a flat rate of 5% to all perms and contractors. I got an 8% increase but due for another in 3 months. A guy on my team I pushed for 25% June last year and then another 25% in December

Can't speak to your industry specifically but none better to advise than your boss since he's (most likely) the gatekeeper

All the best

 

[Speedster]

Just a friendly reminder.

If you don't get an increase above inflation (real inflation, not CPI) then you're making a year-on-year loss.

Given the outrageous increases in the cost of electricity, municiple rates, food, and fuel, I need a double digit increase just to earn what I earned last year.

And what, pray tell, is this supposed "real inflation"?

 

[Napalm2880]

And what, pray tell, is this supposed "real inflation"?

Real inflation is the rate of increase of prices that affect you, and not the general population of SA.

 

[Speedster]

Real inflation is the rate of increase of prices that affect you, and not the general population of SA.

Clearly you think statssa are incompetent in determining this number, so what is the correct number?

 

[kolaval]

As for a fair % increase - my advice would be to be grateful for whatever you're getting in the current economic climate.

That hurts man.
I cannot think of one expense that have not increased dramatically in the past 2 years.
We cut back where we can but those 4% increases are not helping in the least.

Clearly you think statssa are incompetent in determining this number, so what is the correct number?

I think he means this:
"The latest CPI data from Stats SA (for January 2023) showed that food price inflation hit a 14-year high at 13.4%, despite headline inflation easing to 6.9% in the same month."
link

 

[Speedster]

That hurts man.
I cannot think of one expense that have not increased dramatically in the past 2 years.
We cut back where we can but those 4% increases are not helping in the least.



I think he means this:
"The latest CPI data from Stats SA (for January 2023) showed that food price inflation hit a 14-year high at 13.4%, despite headline inflation easing to 6.9% in the same month."
link

Well, surely he doesn't spend all his money on food, so that the food price inflation is only a portion of his "real inflation" number. Maybe he could have a look at the statssa basket (perhaps the one for his expenditure decile) and let us know which parts are incorrect.

 

[kolaval]

Well, surely he doesn't spend all his money on food, so that the food price inflation is only a portion of his "real inflation" number. Maybe he could have a look at the statssa basket (perhaps the one for his expenditure decile) and let us know which parts are incorrect.

Lekker man, I give you an answer you do not like and , so you move the goalpost.


"Annual consumer price inflation was 6,9% in January 2023, down from 7,2% in December 2022."

Food:
I've covered

Medical aid:
"The weighted average contribution increase for 2023 is 8.2%, effective 1 April 2023. Contribution increases will be 9.9% on extensive day-to-day plans, and 7.9% on all other plans."

Fuel:
Diesel increases R6.64 per litre in 2022 so 38.% increase for the year.
I mention that specifically since mostly everything you buy comes via truck, and I drive a diesel.

 

[Avbob se stoep]

When do yearly increases usually kick in? For us its March (new financial year)
Its my first year as a SAICA trainee accountant and I'm really curious as to what percent we'll be getting
What do you guys think is a fair % increase y/y?

If it is your first year, did you start now in January 2023? If thats the case, I dont think you should expect an big increase if any at all. We always had the joke of "klerk salaris" between ourselves. However if you article for a big 4 company in one of the big cities their policies might differ from my medium firm experience.

 

[Speedster]

Lekker man, I give you an answer you do not like and , so you move the goalpost.


"Annual consumer price inflation was 6,9% in January 2023, down from 7,2% in December 2022."

Food:
I've covered

Medical aid:
"The weighted average contribution increase for 2023 is 8.2%, effective 1 April 2023. Contribution increases will be 9.9% on extensive day-to-day plans, and 7.9% on all other plans."

Fuel:
Diesel increases R6.64 per litre in 2022 so 38.% increase for the year.
I mention that specifically since mostly everything you buy comes via truck, and I drive a diesel.

Never moved the goalpost. My question still remains, what is the "real inflation" number? Don't think anyone has answered that yet. You've given 3 components above, but haven't indicated their weighting.

 

[Thrasil]

As a trainee, first year i was at 100%, 2nd year 140%, 3rd year 170% and then qualified was 240% compared to my starting salary at a big 4. Bonus was roughly a 13th cheque but this ranged depending on performance of 0.25 of a months salary to 1.5 months. c.7 years ago. However this was overseas but working with the SA teams it seemed similar just that my starting base was liveable on where as theirs was pretty tough in the first year.

 

[geezer]

Increases?...................I remember those

True...
My last increase was 5 years ago. Due to me working very hard for many years, pushed into a higher salary bracket each year because of being given above average merit appraisals. Some corrupt consultant company was called in to do a money saving plan said, "that cannot be", salary frozen until I am back within the "band", only then will get an increase again. When I asked how far above the "band" I am, I am just told that it's confidential information which cannot be shared.