What’s better: a 5% raise or more vacation?
I saw a survey where people were asked which they'd rather have: a 5% raise or an extra week of vacation. 79% of the people said they'd rather take the 5% raise instead of more paid vacation.
I was wondering about the math of that...
Let's say you make $50,000-a-year with two weeks of paid vacation and 10 paid holidays.
That means you actually work 48 weeks and make $1,042-per-week.
With a 5% raise to $52,500, you now make $1,094-per-week.
If you stay at $50,000 but take the extra week of vacation, you now work 47 weeks, so you're making $1,064-per-week.
In other words, if you take a 5% raise over an extra week of vacation, you make an extra $30-a-week . . . or $6-a-day (pre tax).
In OTHER other words...it looks like we're going on vacation!