At a recent company-sponsored lunch with coworkers, the topic of our pay frequency popped up. We are salaried and get paid once per month, on the 1st of the month. We are essentially paid in advance for the entire upcoming month. Many of my coworkers do not like this setup and wish we were paid more frequently, which is absolutely mind boggling to me. Their reasoning? It would be easier to stretch the money out if they received it in chunks throughout the month. We are literally receiving an entire month's salary up front before doing a minute of work - just learn to budget better!
Are you positive about that?
Because the usual way to do it is to pay for the prior month's work, not the next month's work.
If you quit on the 5th of the month and they owe you money, you're being paid for last month. If you owe them money, you're being paid for next month.
Frankly, only a moron of an employer would volunteer to pay people before they did the work.
100% positive. I hadn't heard of anything like it before. Making things even odder is that throughout the recruitment process the payroll period mentioned was once a month on the 15th, it was even the stated date in the terms of my offer letter. But when I started my boss let me know that was inaccurate and my pay date was actually the 1st.
I've only been with the company for a year - I started last August on the last Monday of the month. When I was paid the first week of September, I unexpectedly received two checks. One for a week's pay in August and the other for the entire month of September. I fully assumed to get August's pay in September and September's pay in October, so I was pleasantly surprised to receive the second check. So surprised that I actually I asked about it to make sure it was correct and was told that it was the norm. It is just how the company's pay periods are structured.
Those coworkers opposed did acknowledge the fact they were getting paid up front, but in spite of this still wanted more frequent paychecks for the aforementioned rationale.
That is correct. Try to remember way back when, starting the job, having to wait for that first paycheck.
That was fully my assumption when I first started, but as mentioned in my reply to SwordGuy turned out to not be the case.
That is correct. Try to remember way back when, starting the job, having to wait for that first paycheck.
If unsure the paycheck will tell you which dates it is covering. I agree it’s far more common to be paid 1-2 weeks AFTER the pay period ends (eg you get paid for weeks 1-2 on Friday of week 3) but I’m sure there are rare employees out there that will front the cash
Yup. Logged on to our payroll provider check my most recent paystub:
Period Beginning: 9/01/2019
Period Ending: 09/30/2019
Pay Date: 09/03/2019*
*Was actually posted to my accounts on 8/31.