A series of 3 bite-sized videos to help you understand how your payslip works
Understanding your payslip
Do you look at your payslip and wonder what all those codes and numbers mean? Why are those amounts taken out before you receive you pay – and where do they go?
In this Learning Pathway series, we’ll look at payslips and help you to understand them better, understand your tax codes and what you’re paying in National Insurance and income tax, pension contributions, other wage types and some of the deductions that you may see on your payslip.
At the end of the session you'll be confident in checking that your payslip is right or wrong, understand what you're paying or saving directly from your pay enabling you to make changes if you need to.
All the links we mention are summarised in the useful handout at the end - so all you need to do is sit back and watch!
Please note that these videos are based on tax and National Insurance rates for the tax year beginning on 6th April 2022. In addition, please be aware that the second video focuses on pensions contributions to the Unilever UK Pension Fund and these contributions allow for the changes that were introduced from 1st October 2021.
Click below to start the videos!
Part 1 of the Learning Pathway provides a high level overview of the information on your payslip, and a detailed look at how tax and national insurance works with a simple example.
In this second video, we have a look at how contributions to the Unilever Pension Fund are calculated and how they are shown on your payslip. The video also explains where any Benefits Envelope figures are shown on your payslip.
In the third and final part of the Learning Pathway, we take a look at some Unilever share saving schemes, how student loan repayments are calculated and some other common payslip deductions. Finally we leave you with some next steps to put what we've learned into practice.
Download our handout of the useful information covered in this session here.
Please note the figures shown in the payslip are for EXAMPLE purposes only - to show where various amounts appear, you may not be able to recreate all the numbers on the payslip therefore.
Disclaimer
We are not Independent Financial Advisers (IFAs) and nothing on this website should be construed as independent financial advice. If you feel you would benefit from speaking to an IFA about your personal circumstances, you can find more information here.
