To calculate a salary hike using percentage, divide the percentage increase by the old salary. This will give you the new salary. For example, if the salary increase is 10% and the old salary is $50,000, the new salary would be $55,000.
How to Calculate Salary Hike using Percentage?
- 1. Convert the percentage to a decimal by moving the decimal point two places to the right.
- 2. Add 1 to the decimal.
- 3. Multiply this number by your current salary.
- 4. This is your new salary.
For example, If an employees salary is $50,000 and the company offers a 5% salary increase, the new salary would be $52,500.