I recently discovered that my employer had been deducting £200 a year more from my pay than they should have, this has continued for 3 years making the total deduction £600.
Recently I asked for it back and to try and avoid this, they came up with the following:
Company response.......
Whilst making the payroll calculations earlier this month I noted that although bonus is supposed to be on cash received by the company it has been incorrectly calculated in two ways.
First, bank charges on payments into our accounts have not been deducted and the gross amount on the invoice has been used, resulting in (say for USD transactions) an overpayment of between $10 and $35 per transaction.
Also, it appears that when resolving US dollar transactions to Sterling for payments we have been using the interbank rate, which is a much better rate than the business can actually achieve, and should have been reduced by 2.75% which is the charge levied on us by Lloyds bank for converting transactions between sterling and USD.
It appears that we have been making excess bonus payments as a result of these errors since the arrangement was introduced. Given the level of bonus payments over the years it appears that the overpayments will exceed losses you have suggested (that I have not yet been able to verify for technical reasons). However, it would not benefit the situation to keep going back over old figures so for the current payroll I have kept to the previous arrangement. Going forwards I suggest we write off discrepancies and reset the calculations for the January payroll going forwards.
End..........
I don't believe them but I don't have a breakdown of what has been paid rather relying on honesty and integrity which has now disappeared from the relationship.
I work for a UK company, paid in pounds but we invoice clients in either Dollars, Euros or pounds. Mainly in dollars however.
They only transfer money from the US account into sterling when they need it, from previous conversations this is not a regular event as the company does not have debts and has sufficient retained funds to cover all eventualities.
Some advice please:
Going forward I plan to ask for a monthly breakdown showing gross amount paid, net amount received, charges and conversion rates. This would seem reasonable?
Can I somehow demand my £600 unless you prove the point you are making and support it with a detailed breakdown or something like that?
Cheers
Milkman.
PS this question was asked previously amongst other questions, I am trying to get focused advice about this particular subject if that's OK.
Recently I asked for it back and to try and avoid this, they came up with the following:
Company response.......
Whilst making the payroll calculations earlier this month I noted that although bonus is supposed to be on cash received by the company it has been incorrectly calculated in two ways.
First, bank charges on payments into our accounts have not been deducted and the gross amount on the invoice has been used, resulting in (say for USD transactions) an overpayment of between $10 and $35 per transaction.
Also, it appears that when resolving US dollar transactions to Sterling for payments we have been using the interbank rate, which is a much better rate than the business can actually achieve, and should have been reduced by 2.75% which is the charge levied on us by Lloyds bank for converting transactions between sterling and USD.
It appears that we have been making excess bonus payments as a result of these errors since the arrangement was introduced. Given the level of bonus payments over the years it appears that the overpayments will exceed losses you have suggested (that I have not yet been able to verify for technical reasons). However, it would not benefit the situation to keep going back over old figures so for the current payroll I have kept to the previous arrangement. Going forwards I suggest we write off discrepancies and reset the calculations for the January payroll going forwards.
End..........
I don't believe them but I don't have a breakdown of what has been paid rather relying on honesty and integrity which has now disappeared from the relationship.
I work for a UK company, paid in pounds but we invoice clients in either Dollars, Euros or pounds. Mainly in dollars however.
They only transfer money from the US account into sterling when they need it, from previous conversations this is not a regular event as the company does not have debts and has sufficient retained funds to cover all eventualities.
Some advice please:
Going forward I plan to ask for a monthly breakdown showing gross amount paid, net amount received, charges and conversion rates. This would seem reasonable?
Can I somehow demand my £600 unless you prove the point you are making and support it with a detailed breakdown or something like that?
Cheers
Milkman.
PS this question was asked previously amongst other questions, I am trying to get focused advice about this particular subject if that's OK.
My Employer underpaid me by £600 but now won't give it back.....
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