Calculating Salary and Inflation

Hi Guys,

I am currently developing a staff salary on projects calculator. At the moment the data being fed into my calculator is from a table with the annual salary of staff based on a number via VLOOKUP (e.g. 24 = £27,285).

I sort the calculator via periods. Each period represents when the salary would increment based on the individuals increment date (start of contract).

My problem is: the pay award figure. This is essential an inflation figure of 2% which does apply to some projects but not to others. The period for this is different then the salary increment. It runs between 31 July - 1st August of each year and then increments by an additional 2% etc.

What i have managed to produce using VLOOKUP and FUTUREVALUE formulae is salaries for each period which can potentially increment each year by an additional 2%. However, i am not to sure how to accurately reflect this so the increment is included every August. Perhaps monthly calculations?

For example. A project from September 2017 - February 2019.
The Salary is £26,495 for the year, increment in September 2018. They are committing 50% to the project. So, between September 2017 - 21st July 2018 calculations based on £26,495. After this the £26,495 + 2%. Then in September 2018 salary increments to £27,285 + 2%.

Thank you very much.
Ahmed

Unfortunately the scales from the table are fixed with my company and cannot be changed. There are other members of staff who may be on numbers below 23 but this calculator will be for 23+.