1. What is a 3% Salary Raise?

A 3% salary raise means your current salary will be increased by 3%. This is a common annual cost-of-living adjustment (COLA) or merit increase percentage used by many employers.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Current Salary — Your current annual salary before the raise
• 1.03 — The multiplier representing a 3% increase (100% + 3% = 103% = 1.03)

Explanation: The calculation multiplies your current salary by 1.03 to determine your new salary after the 3% raise.

3. Importance of Salary Raise Calculation

Details: Understanding how raises affect your salary helps with financial planning, budgeting, and evaluating job offers or compensation packages.

4. Using the Calculator

Tips: Enter your current salary in dollars (without commas). The calculator will show your new salary after a 3% raise and the exact dollar amount of the raise.

5. Frequently Asked Questions (FAQ)

Q1: Is a 3% raise standard?
A: 3% is a common annual raise that roughly matches inflation in many years, though actual raises vary by industry, company, and individual performance.

Q2: How does this affect my biweekly paycheck?
A: Divide your new annual salary by 26 (for biweekly pay) to estimate your new paycheck amount.

Q3: Is the raise compounded if I get multiple raises?
A: Typically no - each raise is usually calculated from your current base salary, not cumulative.

Q4: What if my raise is a different percentage?
A: Simply change the multiplier (e.g., 1.05 for 5%, 1.02 for 2%, etc.).

Q5: Does this include taxes and deductions?
A: No, this shows gross salary before any deductions. Your actual take-home pay may differ.