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Do resident physicians earn a salary ? If so what's the average ?
45K/yrDo resident physicians earn a salary ? If so what's the average ?
lower than minimum wage with no overtime or holiday pay.Do resident physicians earn a salary ? If so what's the average ?
lower than minimum wage with no overtime or holiday pay.
lower than minimum wage with no overtime or holiday pay.
Ah, I forgot I did this calculation a while ago.. it's actually not below min. wage. 70 hours per week*52 weeks = 3650 hours, times current min wage (8.75 here in Canada) comes to about 32K. So actually, it may or may not be below min wage.
I'm sure your lenders will come up with a way for you to dispose of your income.With all the hours for residency, it's not like you're gonna have time to be spending that money anyway
I'm sure your lenders will come up with a way for you to dispose of your income.
On the flip side, not all specialties consume as many hours directly working. One of the specialties I'm considering generally spends 50 hours per week (up to 55 from what I've heard in some locations) or less at the hospital (with additional reading time) during residency.
Factor in the average 3 weeks of vacation and $44k introductory resident salary (these numbers are a mix of personal reports and official FREDIA data), and that works out to $17.96 an hour. Add to that standard benefits and health insurance, and the fact that you don't pay FICA taxes as a medical resident, and you're doing considerably better than federal minimum wage.
Remember to take out all of your loan payments from you take-home salary, too. Bye bye payment deferrals....good thing you'll be locked in a hospital, because you'll be too busy to notice how it feels like half your salary gets signed right over to the bank.
On the flip side, not all specialties consume as many hours directly working. One of the specialties I'm considering generally spends 50 hours per week (up to 55 from what I've heard in some locations) or less at the hospital (with additional reading time) during residency.
Factor in the average 3 weeks of vacation and $44k introductory resident salary (these numbers are a mix of personal reports and official FREDIA data), and that works out to $17.96 an hour. Add to that standard benefits and health insurance, and the fact that you don't pay FICA taxes as a medical resident, and you're doing considerably better than federal minimum wage.
Ah, I forgot I did this calculation a while ago.. it's actually not below min. wage. 70 hours per week*52 weeks = 3650 hours, times current min wage (8.75 here in Canada) comes to about 32K. So actually, it may or may not be below min wage.
Well, residents are considered salaried workers, meaning they have to work however much is necessary to get the job done for the agreed amount. Plus, like floja2 said, minimum wage only applies to hourly workers. And the federal minimum wage is currently just $5.85/hour. 100 hours a week for 52 weeks at this rate is still about $30,000.
Wow, minimum wage here is a little bit less than $8 (I forget exactly how much, it keeps going up...). What's the point of a federal minimum wage if all the states have their own minimum wage anyway?
Does residency salary depend on where you are? It would suck if residents on average get the same where I am than in a state with a way lower minimum wage...and therefore probably lower cost of living.
Man, my friend who's a student teacher (?? not sure what exactly what it's called) teaching little elementary school kids while still in college working toward a teaching degree gets $15 an hour...
just a head's up. As a resident you'll be expected to work ~80hrs/week.