Quote:
Originally Posted by Iwritecode
Actually, according to the US department of labor, less than 20% of businesses use the bi-monthly pay schedule.
Weekly and bi-weekly are by far the most popular.
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Having done payroll for my Son's business, where bonuses were paid and employees worked overtime, it's a lot easier to use the weekly/bi-weekly schedule. Overtime pay, outside of labor contracts, is based on a 40 hour work week. Collective bargaining agreements can specify most anything as long as they comply with Bureau of Labor reg's. Pay bi-monthly and you have to make sure you are paying overtime for every week, regardless of where the payday fell. Lots of keeping track of hours worked just so one could figure if employee had broken into overtime territory even though he'd passed a "cutoff" and had a check in hand. Also have to factor "time and a half" for bonuses but we just paid them monthly. Had to increase the bonus by 1.5 based on the percentage of hours in month worked overtime.
Thankfully his business has grown large enough he now has his own accounting department.
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