According to the Tynwald website, “The basic salary, with effect from 1 July 2021, for a Member of the House of Keys is £67,557 per annum and for a Member of the Legislative Council is £63,776 per annum.”
In addition, various office holders receive extra pay:
IOM Politician pay after 2021:
| Position | Base pay | Extra Pay (%) | Extra Pay (£)1 | Total Pay |
| Chief Minister | £67,557 | 30% | £20,267.10 | £87,824.10 |
| Minister | £67,557 | 15% | £10,133.55 | £77,690.55 |
| President of Tynwald | £67,557 | 15% | £10,133.55 | £77,690.55 |
| Speaker of the House of Keys | £67,557 | 15% | £10,133.55 | £77,690.55 |
| Chair of Public Service Commission | £67,557 | 5% | £3,377.85 | £70,934.85 |
| Chair of Public Accounts Committee | £67,557 | 5% | £3,377.85 | £70,934.85 |
| Chair of Isle of Man Post Office | £67,557 | 5% | £3,377.85 | £70,934.85 |
| Chair of Manx Utilities Authority | £67,557 | 5% | £3,377.85 | £70,934.85 |
| Chair of Office of Fair Trading | £67,557 | 5% | £3,377.85 | £70,934.85 |
| Member of the House of Keys | £67,557 | 0% | £0 | £67,557 |
| Member of the Legislative Council | £63,776 | 0% | £0 | £63,776 |
IOM Politician pay before 2021:
| Position | Base pay | Extra Pay (%) | Extra Pay (£)2 | Annual sum for expenses | Total Pay |
| Chief Minister | £45,122 | 80% | £36,097.60 | £7,683.27 | £88,902.87 |
| Speaker | £45,122 | 60% | £27,073.20 | £7,683.27 | £79,878.43 |
| President of Tynwald | £45,122 | 50% | £22,561 | £7,683.27 | £75,366.27 |
| Minister | £45,122 | 50% | £22,561 | £7,683.27 | £75,366.27 |
| Member of the Treasury | £45,122 | 40% | £18,048.80 | £7,683.27 | £70,854.07 |
| Chair of Public/Civil Service Commission | £45,122 | 40% | £18,048.80 | £7,683.27 | £70,854.07 |
| Member of a department other than Treasury | £45,122 | 30% | £13,536.60 | £7,683.27 | £66,341.87 |
| Chair of the Planning Committee | £45,122 | 10% | £4,512.20 | £7,683.27 | £57,317.47 |
| Chair of Public Accounts Committee | £45,122 | 10% | £4,512.20 | £7,683.27 | £57,317.47 |
| Chair of Isle of Man Post Office | £45,122 | 10% | £4,512.20 | £7,683.27 | £57,317.47 |
| Chair of Manx Utilities Authority | £45,122 | 10% | £4,512.20 | £7,683.27 | £57,317.47 |
| Chair of Office of Fair Trading | £45,122 | 10% | £4,512.20 | £7,683.27 | £57,317.47 |
| Member of the House of Keys | £45,122 | 0% | £0 | £7,683.27 | £52,805.27 |
| Member of the Legislative Council | £45,122 | 0% | £0 | £7,683.27 | £52,805.27 |
7 April 2022: Fixed an error: The MLC base pay was incorrectly listed at £67,557, and has now been corrected to £63,776