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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
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Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Business contract increase & Average Weekly Earnings index I

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Business contract increase & Average Weekly Earnings index
I have a UK contract that allows me increase fees in line with the published Average Weekly Earnings index for the previous year. I can download the AWE index from the Office for National Statistics (http://www.ons.gov.uk/ons/rel/lms/labour-market-statistics/june-2015/table-earn01.xls), but I do not know how to work out the rate increase based on the index, e.g.
The AWE value for March 2015 is 494 and the average for the previous 12 months is 482.98, the value of the contract is £2000 pcm – how can I use this to work out the rate increase?
Your help would be greatly appreciated.
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.Let me try and make this as simple as I can. AWE == Average Weekly Earnings, have two figures. One WITH Bonus and one Without Bonuses. They rose 1.7% and 1.3% respectively. I believe bonuses do not apply to you. In that case, keeping in line with this figures, you can increase your rate by 1.3% over the previous charge. If bonuses apply to you, you may apply a 1.7% hike in rates. I am sure this would help. I wish you good luck.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.Warm Regards,
Customer: replied 1 year ago.

Dear Rakhi,



Thank you for your reply, I’m not sure if it is correct though as the percentages you used to calculate the 1.3% and 1.7% increases are based on column E in the spreadsheet (KAC2), which is a measure of growth based on the percentage difference between the current month and the same month the previous year.



I need to calculate the increases based on the AWE, column C (KAB9) in the spreadsheet – should I work out the percentage difference for each month in the period based on column C, e.g. the difference between Jan and Feb, Feb and March and so on, then work out the average for the period and the rate increase?



Regards,

Expert:  Rakhi Vasavada replied 1 year ago.
Dear Friend,

Hello and welcome again. Thank you for your reply.

You have got the calculation correrct. I have used that % figures. I believe that is the correct method as this will reflect any decrease or increase of current month over previous month.

Yes, you can use and c alculate the increases based on AWE Column C, this will help you calculate increase / decrease of current month over previous month.

I am sure this would help. I wish you good luck.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards

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