Do you get paid bi-weekly? Well, friends, there may an extra paycheque coming your way at year’s end.
What? Extra paycheque? Yes, it’s true. It’s all because of a calendar oddity that occurs about every 11 years.
Over 364 days, there are 26 pay-cycle periods. That odd leftover 365th day cumulates – eventually adding up to one full pay period over time.
Human Resources departments have different ways of tackling this payroll quirk. Some take pay period gross amounts and recalculate it by dividing a worker’s annual salary by 27 pay-cycles, inclusive of the extra one.
Others leave bi-weekly amounts as-is and treat the extra cheque as a bonus on top of the regular 26 payouts.
But before you can hype yourself up over the thought of how much help a 27th paycheque can bring to your life, a Chicago-based labour and employment lawyer has a sobering reality check.
“It’s not that you’re getting a bonus, you did the extra time,” Doug Hass told Reuters.
For workers who are paid monthly or semi-monthly, you’re out of luck. This unicorn paycheque is a boon you will not receive. Weekly-paid warriors, this “pay period leap year” is also something you won’t benefit from.
And don’t forget, with an extra paycheque comes extra taxes.
So take this as a reminder to look at your payroll calendar and double-check those pay stubs.
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