What does 10% salary hike mean?
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To calculate a 30% hike in salary, you would typically multiply your current salary by 0.30 (which represents 30%) and then add that result to your current salary. Here’s the formula:
New Salary = Current Salary + (Current Salary * 0.30)
For example, if your current salary is $50,000, the calculation would be:
New Salary = $50,000 + ($50,000 * 0.30) = $50,000 + $15,000 = $65,000
So, a 30% hike in a $50,000 salary would result in a new salary of $65,000.