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