How do you calculate how much I will receive for each claim?
The Education Finance Team uses the following method to calculate Mutual Fund Claims.
Number of days claimed X Pay Factor Rate X Reimbursement rate (£136.68 per day for teachers and £56.10 per day for support staff)
The total number of days that you are claiming will be every working day the school is open in the period you’re claiming for, even if the member of staff is part time and wouldn’t have worked all of the dates that are being claimed. This is because we then multiply the number of days claimed by the member of staff’s Full Time Equivalent
A few examples of claims;
If you are claiming for a whole month’s absence (for example 20 days) for a teacher whose pay factor rate is 0.4 the claim would be worked out as follows.
20 Days X 0.4 pay factor rate X £136.68 Teachers Reimbursement Rate = £1093.44
If the teacher’s pay factor rate is 1.0, the claim would be worked out in the same way, as follows.
20 Days X 1.0 pay factor rate X £136.68 Teachers Reimbursement Rate = £2733.60