You should take Feb. 29th off. When you show up on Mar. 1st just pretend like it never happened.
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Are you paid 26thly or 24thly (or something else?)
If itâs 26thly then every 11 years or so youâll have 27 pay periods in a year. What does your employer do in that circumstance? Do you get 27/26ths of your annual salary that year or do they skip a pay period or drop your biweekly pay to 1/27th of your annual salary instead of 1/26th or what?
I think a lot of folks just get 27/26ths of their annual salary, thus youâre not really working for free and you actually got a slight bump in pay whenever your employer switched from 24thly to 26thly (which may have been before you started).
We had a 27th payday a while back at my first job. We just got an extra paycheck.
One thing they did that my current employer doesnât do is they divided employee benefit contributions by 24 so each month that had a 3rd paycheck had no benefit deductions
I think thatâs fairly common as a lot of the EB costs are quoted as monthly amounts so the cost to the employer is incurred monthly. So they pass it on to the employee in an increment thatâs an even multiple of monthly.
Not 401k, but medical / dental / vision / life / AD&D / Disability is typically monthly.
I worked for two companies that paid semi-monthly, on the 15th and the last day of the month, so I was working that extra day for free.
Now Iâm paid biweekly, so my annual salary is actually not what I get paid for annually necessarily. My biweekly paycheck is 1/26 of my annual salary, and every few years I get 27 instead of 26 paychecks.
But I still pay for all deductions every paycheck, except when there are 27 of them (that one I pay no insurance and make no 401k contributions) because the cost of everything is divided by 26.
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I really miss being paid 2x a month. Getting a 3rd monthly paycheck twice a year makes budgeting more difficult⌠sure I can use the skills I used as a reserving actuary to smooth out my income. But I just donât like doing actuarial work for free.
(granted, planning for predictable payments hardly counts as actuarial work, but my point stands)
I actually like it better. I have adjusted my living expenses to my bi-weekly paycheck and twice a year I put the extra money into savings or toward a special project
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Thatâs what Iâd like, ideally, but 2 bi weekly checks donât quite cover my monthly expenses at this time
Wow, all you elitists with your extra paychecks, rubbing it the faces of all the rest of the plebs. Maybe I need to go start the âways 2024 is worse than 2023â thread.
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I get paid 24thly. Feb 29th truly is an extra day of work with no extra pay.
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Looking at February - it is a 3 paycheck month for me.
Wow, ignorance is bliss. You guys have ruined February 2024 for me now.
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I think companies who have this model should provide an additional personal day in leap years for this reason. If you make, say, $100,000 a year, and work 8 hour days, each weekday is worth $383 gross. Thatâs not insignificant, thatâs two days of groceries right there.
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I like your thinking NA, but I find that it is quite amazing that companies employ me/us/you guys for our calculating, mathematical minds and yet disregard our insights, observations, and intuitions when it comes to HR and compensation.
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What does this mean? Getting paid biweekly, all else equal, pays you more than getting paid semi-monthly, because youâre getting paid for the actual days you work, which most years comes out to be equivalent, but every ~11 years you get an extra paycheck out of it.
I assume you are saying that 1/12 of your income covers your expenses (and the timing works out for you because bills are due monthly), but 1/13 would not? If you could save up the value of the two extra paychecks and then make the switch, I assume youâd be fine under this model?
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Actually, 2024 is extra bad because there were only 260 weekdays in 2023 because the year started on a weekend and ended on a weekend (same for 2022), and there are 262 weekdays in 2024.
2028 is a leap year but since it starts on a Saturday and ends on a Sunday, there arenât any additional weekdays. Interesting. I never have gotten this pedantic about this before, and itâs fun (for me, certainly not for anyone reading this).
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User name checks out!
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Without any corresponding likes, thatâs just rude!
I just love Schitts Creek and love using David gifs whenever I can. But also
With roughly 255 work days a year, if you start/stop working 3 minutes either early/late, then you will more than make up for those 8 hours over the year.
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But that isnât really the point, is it? An additional day off is more of a gesture and boosts morale more than having to take matters into your own hands. Also, I canât really do anything with 3 minutes a day, but a whole day I could make a plan to do something enjoyable and also feel like my company doesnât view me as merely a cog (even though they certainly do).
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