Posted 1.12.13 @ 9:50
When you ask most Canadians what they’d rather have, most would pick the time off; then again with the cold January temperatures most of us would probably pick a trip to somewhere sunny than a raise. 20% of Canadians would rather have a little fun in the sun (especially in winter) than they would a $500 raise each year – leaving a lot of employers wondering which is worth more. Which would you rather have?
One Week Off
It’s been shown that people who take a week off each year have longer lives, better marriages and fewer heart attacks…. But is this causation or correlation? Is a week of your time worth a $500 raise in your salary year over year? It just might be, but that depends on you. With more and more Canadians working long hard hours trying to meet the bottom line it pays to take a little time off.
Another close 18% would much rather have a raise in lieu of a week off each year, which makes you wonder what the other 60% are interested in! One of the little things most people aren’t thinking about when it comes to the extra income is how much of it will be dinged for taxes at the end of the year. Sure, you might have enough to rent a cottage a few days in the summer, but how much is it going to eat into your tax bill? Sometimes the raise in wages just isn’t worth it.
Why Don’t More Employees Want Time Off?
Mainly because of the economy, and a lot of us know that you can work to exhaustion while you’re young, but it’s a lot harder to make up for that lost time later on in life. The question we should be asking is why don’t the other 60% don’t care? If it’s an either or situation, you’d think more people would take the time off or take the $500 raise!
Where do You Fall?
If you’re worried about a higher tax bill, you might just benefit from taking an extra week off each year. If taxes aren’t an issue (and for most they shouldn’t be – it’s important to know what your real contribution should be each and every year) then you can take the raise. It’s up to you to figure out where you need to be… but there are plusses for each! More money now to invest and grow your retirement, or have the chance to live to 100?
Everyone’s different and we all fall in different parts of the spectrum! Which would you rather have?