Many workers are looking for ways to stretch their income further – and even if there’s no chance of a pay rise on the horizon, there may still be ways you can give yourself a boost.
Here are some suggestions from Ally Fekaiki, CEO of employee wellbeing company Juno (withjuno.com)…
1. Claim tax relief on job expenses
Depending on individual circumstances, you may be able to make claims for working from home, or for buying certain equipment.
You can check whether you may be able to make a claim on the gov.uk website.
2. Make the most of company benefits
“Most employers offer a package of benefits to staff, but millions of pounds worth of these extras go unclaimed every year,” says Fekaiki.
“Speak to your employer or HR rep, and ask to see a full list of the benefits a company offers. There could be gym discounts, bike to work schemes, or childcare support policies you could be taking advantage of – all of which can help save you money.
“In addition, if your company offers benefits you don’t want, approach them about switching things up and giving staff more choice about what benefits they receive and when.
“In the era of the ‘great resignation’, most employers are keen to hear ideas that will help boost retention, so initiating that conversation could unlock even more benefits for you and your colleagues.”
3. Check your contract
“Lots of companies have rules in place about overtime or working outside of hours, with many offering additional pay or time off ‘in lieu’ in exchange,” says Fekaiki.
“Check your current employment contract carefully to see what your rights are, and make sure you claim any extra pay or leave you’re entitled to. This can help boost your monthly pay packet or, at the very least, score you some additional time off.”
4. Brush up on pensions
Automatic enrolment into workplace pensions started nearly a decade ago, and while there are minimum requirements for employers when it comes to their role and the contributions they make, some may be more generous.
“Double-check what your company offers, and see if there are changes you can make to increase how much your employer contributes each month,” Fekaiki suggests.
“You won’t benefit from this cash straight away, but compound interest means it will be a fantastic investment for the long-term.”
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