Starting a new job today 1st of July. And the boss said he will pay me fortnightly. On the 15th and 30th of each month. However, i think i will work for free a few days per month as 28 days is equal to 2 fortnight. And most months have 30 or 31 days. I'm i right in thinking i will lose 2 to 3 days wage every month?
Pay fortnightly but losing few days wage per month?
gto21 on 01/07/2016 - 09:40
Comments
Not quite..
He's not actually getting paid strictly fortnightly.. he's getting paid on the 15th and 30th (presumably the 28/9th in Feb).
matt12321 has it below.
Until you get some payslips its hard to know what they will do. If you are getting paid monthly, you should be earning your annual salary divided by 12 each month. So twice a month (not fortnightly), I would expect to be getting paid 1/24th of my annual salary each pay day.
I'm paid monthly, on the 15th of each month, regardless of month length. My monthly pay is 1/12th of my annual.
So just clarify that your "fortnightly" pay is 1/24th of your annual pay.
Your boss is just stating the dates HR processes the pay. They should pay you for whatever number of days the pay period includes, roughly 1/24 the annual pay.
Are you working at 7/11?
No, that's one fortnightly pay per month. Plus a rebate back to the boss.
You should be getting paid on the same day every fortnight. Eg. Every second Wednesday. If you're not, then you're not being paid fortnightly and I would query it with your employer.
I think the correct term is 'bi-monthly'. I hated being paid this way as its not within the banking systems as a term for payments - its not fortnightly and not monthly. My previous experience was that one pay was larger than the other and like monthly pay you have to diligently budget. People say its the same as being paid monthly but I feel its a little more difficult being a smaller amount spread over two dates - I.e mortgage and rent will need to be paid 'monthly'. You should be paid without issue though! :-)
Bimonthly is ambiguous, it more often means every two months, see a dictionary. I think his OP's boss should have just said "twice a month".
People say its the same as being paid monthly but I feel its a little more difficult being a smaller amount spread over two dates - I.e mortgage and rent will need to be paid 'monthly'.
It is not the same but better in my opinion. The more earlier you have your money, the better for you. You have more buying power which of course you may be tempted to abuse.
You could also change your mortgage repayment to fortnightly or weekly to save money on interest; interest is calculated daily.
Its a mystery to me how half the people responding here have jobs.
yeah this^^
twist: he's an accountant
Just wait until February comes around and you only get one paid, your new boss really has this figured out.
So true, I kept sending him emails about this but he won't reply. Until the day I got sick of it, and email him that I gonna quit. Only then he called me and changed it to fortnightly.
No, you will get paid at least 26 fortnights in a year, which by your definition would be 13 months (12 months plus the missing days). This works out better as the pay hits your bank account every fortnight, rather than working for the whole month and then getting paid, time value of money.