Change of Employer

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This topic contains 2 replies, has 2 voices, and was last updated by  AnnaF 1 month ago.

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  • AnnaF
    Participant

    Help!!

    When a learner changes employer and we have to record the residual amount we have 2 questions

    1. How is everyone calculating the residual amount?

    2. According the rules 20% is then worked out on the new amount, as we see it that means we lose out at the end when they complete.

    For example:

    Original Employer TNP £4000 20% held back £800 (On Programme 2 Months of a 13 month Programme)
    New Employer TNP £3384 20% held back is £676 (for remaining 11 months)

    Calculation for Residual was £4K/13 then times by 11 months remaining

    Monthly payments is 5p different, but as we see it we will lose £124 at completion

    Can anyone shed any light on this?????

     
    • This topic was modified 1 month ago by  AnnaF.
    #230012

    Martin West
    Participant

    £4000 80% Payments £246.15 * 13 with final payment of £800
    After 2 months the TNP would be £3507.7 80% (£2806.16) over 11 mouths £255.11 per month with final payment of £701.54
    First £246.15 * 2= £492.3 + Second £255.11*11+£701.54=£4000

     
    #230025

    AnnaF
    Participant

    Thanks Martin

    That’s how I started to work it out, but a colleague had gone with above.

    We got ourselves so confused, thought it best to ask!

     
    #230041
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