Types of Pay Roll Schedule

 

Types of Pay Roll Schedule | PAYROLL SCHEDULE

Let us understand what exactly a pay schedule means. A pay schedule is nothing but the dates on which salary is paid from an employer to an employee. A pay schedule is a combination of two pieces of information, your pay period and your pay date.

The pay period is nothing but the time frame during which the employee has worked.

The pay date is the day on which the employees receive their salaries

If there is a delay between the pay period and the payday, then the employer has to make the payment in arrears.

Four types of payment schedules are 

• Weekly – Payment of salary is made to the employee on a weekly. The payment will be made on a specific day of the week. A person who is paid weekly will be given 52 payrolls in a year.

• Bi-weekly – In this type of pay schedule, the payment is made to the employee every two weeks on a specific day of the week. A person receiving a bi-weekly payroll receives 26 payrolls a year.

• Semi-monthly – Paychecks are received by the employees twice a month on two specific dates. A person under this type of payroll schedule gets 24 payrolls a year. For example, a person gets paid on the 15th and the last day of every month.
• Monthly – An employee gets paid on a specific day of every month. 12 payrolls will be received by the employees who fall under this type of pay schedule in a year.