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At my current position i am earning about 50% of what I am worth on the job market. I have repeatedly approached my boss about my salary increase, and was denied and set unrealistic conditions for a salary raise.

Now I have started to actively study for interviews. If/when I have an offer that suits me and the company has sent a contract for me to sign, then I want to contact my boss and tell him so, and ask if the company can pay as much as the new contract. If they disagree, then I'll sign the contract and in the next email send a 30 day termination notice to my boss.

Is this plan OK?

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No, no counter offers. Never.

Here is someone else who asked if they should take a counter offer. The same advice applies.

Whatever they're promising you, they could've done it already.

the promises could be simply in order to buy themselves breathing room in which to replace you at their leisure, regardless of how the timing works out for you.

That second point applies with less brutality in countries with mutual notice period, but it's still the truth.

When you get your new job, be excited about that job instead. If you pay attention in the interviews, chances are it will be a better employer who values you properly. So, when the time comes, just thank your current employer for all the opportunities they've given you, wish them well and move on.

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There is nothing wrong with your plan.

Just one thing:

tell him that an ask if the company can pay as much as the new contract

I'd suggest making sure that if you ask for a pay rise, that you're willing to stay for the new pay. If they raise your salary and you leave anyway, then you might risk burning a bridge.

As for the 30-day termination, make sure that's what your contract allows.

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  • Accepting a counter offer is widely regarded as a bad idea. A company that vastly underpays its workers likely isn't a great place to work, and making it known that you have your eye on the door generally doesn't bode well for future prospects within the company. Neither the employee nor the employer value one another in this situation, so it's often best just to leave.
    – Nuclear Hoagie
    Commented Jul 29, 2020 at 20:32
  • @NuclearWang, of course, but OP may have his reasons. And anyway, this is all so speculative because there is no counteroffer, there is no new job or anything, so nobody can say either way yet
    – Omar and Lorraine
    Commented Jul 29, 2020 at 20:36
  • @OmarL Either the company doesn't know OPs true value or they know his true value and are purposely underpaying him. Neither scenario is a company worth working for.
    – sf02
    Commented Jul 29, 2020 at 20:53
  • @sf09 or it's a charity that op trusts and cares about but is unable to pay much. We just don't know.
    – Omar and Lorraine
    Commented Jul 30, 2020 at 6:02

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