What is semi monthly?

"Semi-monthly" means twice a month. However, it's important to distinguish this from "bi-monthly," which means every two months.

Here's a breakdown:

• Frequency: Semi-monthly paychecks are issued two times each month, typically on the 1st and 15th (or similar set days).
• Calculation: The total amount earned in a month is divided into two equal or near-equal payments. Slight variations might occur depending on the number of days in the month and how the company calculates pay.
• Contrast with Bi-weekly: While both result in 24 paychecks a year, semi-monthly pays on specific calendar dates, whereas bi-weekly pays every two weeks. This means the dates of your paycheck will shift each month with a bi-weekly schedule. A semi-monthly schedule keeps the payment dates consistent.
• Examples: Salary, rent, or other payments that are made semi-monthly follow this twice-a-month schedule.

In short, semi-monthly provides a consistent payment schedule within each month, unlike bi-weekly payments.