Rugby League Players take a pay cut
From 1 June Rugby League Players will take a pay cut of 20%.
However, as a Rugby League player your contract runs from 1st November 2019 to 31st October 2020, therefore you have been paid in full for the past 7 months (or 70% of your wage for the year). Therefore, you will receive 30% of your remaining “reduced” wage over the next 5 months.
The following outlines the drop in pay for a number of different groups;
A Contract of Nov to May Jun to Nov
$110,000 6,673 4,092
$220,000 11,959 7,230
$330,000 16,817 9,821
*note this does not take into account management fees
As illustrated some players will experience a drop of monthly take home income of up to 40% over the next 5 months.
For many Rugby League players a 40% drop in income will come as a shock, with many;
- being the sole providers for their families,
- never having had to think twice about spending money,
- not knowing how their properties will be paid.
What is your Plan B?
Some players will see this as an opportunity to take control of their financial situation & learn more about their finances & budgeting. Whereas others will be more relaxed about the situation with the view that you live to your means & it is out of my control.
Whatever your situation may be, it’s a whole new ball game now and Newcastle Advisors are here to support you. Whether you are looking for information, a sounding board, education or more formal financial advice, we are here to support you & your family.
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