Semi-monthly pay is a payroll schedule where employees are paid twice per month, typically on the 15th and the last day (or nearest business day) of the month. This results in 24 pay periods per year.
Frequency: As mentioned, employees receive 24 paychecks per year.
Calculation: Calculating pay involves dividing the annual salary by 24. For hourly employees, the number of hours worked during the pay period is multiplied by their hourly rate. Overtime calculations must also be factored in.
Consistency: Unlike bi-weekly pay, the dates for semi-monthly pay are consistent each month, which can help employees with budgeting.
Payroll Processing: Employers need to ensure their payroll processing system is set up to handle this frequency.
Benefits and Deductions: Benefits contributions and other payroll deductions are usually split equally across the two paychecks each month.
Legal Considerations: Employers need to comply with all relevant labor laws regarding pay frequency and minimum wage requirements.
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