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drabhinavr

locum rates

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What's the locum market like at the moment?  What rates are people getting at consultant level and how much does it translate in terms of take home pay.  I hear different stories from different people.  Some say its only marginally better than routine salary whilst others say you can earn much more..

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Crapped rates, take home not worth getting out of bed for. You risk personal injury, malpractice complaint, car accident, no sick leave, no study leave, no worker's rights ... You're better off emigrating or going home. 

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On 7/12/2018 at 19:45, drabhinavr said:

What's the locum market like at the moment?  What rates are people getting at consultant level and how much does it translate in terms of take home pay.  I hear different stories from different people.  Some say its only marginally better than routine salary whilst others say you can earn much more..

Dear DRABHINAVR,

I can confirm that whilst it varies marginally on location, average Consultant hourly rate for a Consultant Psychiatrist ranges between 153k - 171k pa. you should also note that is not uncommon for an to contribute towards some of the cost below, where you are a full time locum through and completed certain amount of hours, i know we do:

- revalidation 

- appraisal 

- dbs

- mandatory training 

- travel/ accommodation 

 

From a market demand view point, the need for consultant psychiatrists remains very strong.

 

If we can be of any further assistance, please do let us know.

ProMedical

01277 212 797

mentalhealth@promedical.co.uk 

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On 12 July 2018 at 22:18, Zoran said:

Crapped rates, take home not worth getting out of bed for. You risk personal injury, malpractice complaint, car accident, no sick leave, no study leave, no worker's rights ... You're better off emigrating or going home. 

£76.10 per hour capped rate. Assuming you have a month off a year I make that £144k (40hr week) and £86k after tax. Gosh.. Not worth getting out of bed for that! You know what most people make working minimum wage jobs? Sheesh

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I suppose you're right when you compare yourself to a strawberry picker.

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On 18/07/2018 at 20:06, Drachma21 said:

£76.10 per hour capped rate. Assuming you have a month off a year I make that £144k (40hr week) and £86k after tax. Gosh.. Not worth getting out of bed for that! You know what most people make working minimum wage jobs? Sheesh

am I right in assuming that this calculation does not take employer NI into account?  After 6 years as a consultant with CEA points, I still don't earn £86k after tax, so locum pay still looks better..

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Hi Guys

How is the Locum Market, how much is the consultant pay rates 

with capped rates and other stuff, would it be worth considering Locum and quitting  substantive jobs 

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On 01/10/2018 at 16:00, drabhinavr said:

am I right in assuming that this calculation does not take employer NI into account?  After 6 years as a consultant with CEA points, I still don't earn £86k after tax, so locum pay still looks better..

Are you happy to give up your security? Pension, sick leave, death in service, study leave, professional leave, compassionate leave, carers' leave, parental leave, gardening leave, etc etc?

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Consultant pay is now £120ph - or at least every single friend of mine working as consultant is earning that or much more. 
 

On 12/11/2019 at 04:17, Zoran said:

Are you happy to give up your security? Pension, sick leave, death in service, study leave, professional leave, compassionate leave, carers' leave, parental leave, gardening leave, etc etc?

It's horses for courses, Zoran. 

with IR35, money gets put into pension.
I haven't taken a day off sick in years.
Local study leave is included - external study leave is 3-4 days a year, if that.
Haven't ever used any of the other leaves. 

However your point about security is absolutely valid. 

I did 7 years of agency locums and lost out on 7 years of pension. 

Which brings me to horses for courses. 

If your life situation (single/couple/married with kids and want to stay at home, or prefer being away M-F) allows it - then double substantive income is double your income whichever way you look at it. 

If you want to stay in one location, be with family (forget about the leave perks, pension, death perks) - then locums are a spectacularly silly idea. 

Additionally security means different things for different people. 

Double your income means you can put away £4k a month minimum towards retirement and investments - this can mean more tangible security than leave perks. 

Then again, double substantive income (two partners) can also result in more savings too. 

-
Basically, if life situation allows you to locum, and save £4k a month, then that's security. 

If life situation doesn't allow you to locum, and leave and death perks are important, then that's security. 

Security is important - I have a duty to my most important boss - my future self - but we have to wonder if our comfort zones are hurting us and keeping us from even more security. 

Thinking my leave and death perks are more important to me than doubling my income and quadrupling my savings is counterproductive; just as doing locums and throwing money around just because we can is self defeating. 

At the end of the day, we're all working towards the same financial goals - better current financial status, and better post retirement financial status. 

Whichever vehicle we choose to get us there is okay - its the decision making process and values that drive it that are more important.
Is it fear, greed and comfort zones or is it love for ourselves and our loved ones? 

TL:DR: Is double your income more security and opens up options or less security and closes down options? And what values are driving that decision?


 



 

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