MPs' bank balances jump with annual pay rise

Prime Minister John Key's salary has increased to almost $460,000 (AAP / file)
Prime Minister John Key's salary has increased to almost $460,000 (AAP / file)

The country's political leaders have been given their annual pay rise.

The 2.49 percent raise has been backdated to July 1.

That means Prime Minister John Key's salary has increased to almost $460,000, whilst his deputy Bill English will now be paid just under $327,000.

And if you're on the backbench, you're now earning a measly $160,000.

The salary determination was released by the independent Remuneration Authority on Tuesday.

It calculates MPs' pay rises on the quarterly employment survey and public service salary increases.

Newshub. / NZN

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