Is salary given as lump sum or what?

salary
New answer on Mar 26, 2021
3 Answers
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Anonymous A asked on Mar 24, 2021

Hi,

I just got an offer, and the salary is given as a total, which is divided into base salary, housing and transportation. I want to know if the salary is given as a lump sum, as I live with my parents so don't spend on housing. Can I keep that money for other things? How does it work?

(edited)

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Ian
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replied on Mar 24, 2021
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Congratulations and well done!

Now, before you do anything, we really need to get you Person Finance/Wealth Management 101. This reddit page will be great for you: https://www.reddit.com/r/personalfinance/

To answer your question, your annual salalary will be divided by either 12 or 24. You will then be paid monthly or every 2 weeks. You will receive less than your stated salary because of taxes, so please don't be surprised when it is lower.

Good luck and enjoy the newfound riches!

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Gaurav
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replied on Mar 26, 2021
Ex-Mckinsey|Certified Career Coach |Placed 500+ candidates at MBB & other consultancies

To clarify such questions - it is better to contact HR. The situation depends on the office and company.

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Clara
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replied on Mar 25, 2021
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

Hello!

It depends, some times you can ask for the money of some of those "allocations" without the need to present bills or justifications. In other ocasions that is not the case, for instance, when the company gets it deducted (e.g., stipends during MBA breaks, etc.)

Best is to directly touch base with HR.

Hope it helps!

Cheers,

Clara

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Ian gave the best answer

Ian

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