Bi-weekly pay means employees are paid once every two weeks, typically on the same day of the week. Here's a breakdown:
Frequency: Paid every two weeks, resulting in 26 pay periods per year. This is different from https://www.wikiwhat.page/kavramlar/Semi-monthly%20Pay (twice a month), which only has 24 pay periods.
Calculation: Gross pay is usually calculated based on the employee's hourly rate multiplied by the number of hours worked in the two-week period, or the bi-weekly salary divided by 26.
Pros for Employees: More frequent paychecks compared to monthly pay can help with budgeting and managing cash flow. Some months will have three paychecks which is a plus.
Cons for Employees: Paychecks may vary slightly depending on the number of workdays in the pay period, especially for hourly workers.
Pros for Employers: Can be easier to administer than weekly payroll.
Cons for Employers: Requires more processing than monthly or semi-monthly payroll. Need to manage different paycheck dates from month to month.
Taxes and Deductions: https://www.wikiwhat.page/kavramlar/Payroll%20taxes and other deductions are calculated and withheld each pay period.
Common in Various Industries: Widely used in many industries and considered a standard pay schedule.
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