Do salaried employees get paid extra on leap years?

[lupi]

I do.

 

[her209]

ummm ... a salary is a yearly figure based on working 40 hours a week. that doesn't change whether the year has 365 or 366 days in it. there is still 5 work days in a week regardless. i can't believe this is a serious thread.

What about the extra day every 3 years and extra two days every leap year?
Are you expected to work 40 hours that week even if its only a 4-day work week?

 

[Hacp]

Yes, it's serious and as I said, the company accountants mentioned it.

I was told that there is indeed an extra check every so many years (I don't recall the number). The company had it in the plan.

Edit: I'm not sure that they get paid anything on leap year specifically though...just an extra check every so many years because of the extra day(s) involved when dividing by 7 or 14 (typically).

Most people get paid semimonthly

 

[Hacp]

How is the amount for the 24 pay days calculated?
What days are you paid?

You get paid at the 1/2 month mark, then paid on the last day of the month. Simple isn't it?

 

[Matthiasa]

Not sure if trolling but the work week is "5" days... sticking an extra day in a month does not change that.

 

[purbeast0]

What about the extra day every 3 years and extra two days every leap year?
Are you expected to work 40 hours that week even if its only a 4-day work week?

it doesn't matter if there are 300 or 400 days in a year ... your salary is based on the year, you will still make $x that year.

what are you talking about a 4-day work week? there is no such thing. the "work week" is monday - friday. there is always 5 days in there, not 4. sure you may use vacation or have a holiday, but it's still considered the "work week" regardless of you being there or not.

it doesn't matter if jan 1st doesn't fall on a weekend or falls on a wednesday. if you are paid every other week, your pay period won't end until the 2 week period ends, doesn't matter what day of the year it is or what year it is.

same with people who get paid 2x a month (24 checks vs 26 checks). i get paid 24 times a year at my current position. pay periods are 1st - 15th, then 16th - end of the month. some pay periods i have 96 hours, some i have 72 hours. either way, i'm working 40 hours (or using PTO or having a holiday) every week. whether i work 96 or 72 hours in a pay period (depending on how the calendar falls) my pay checks are still the same, because i'm paid a certain amount of money per year, spilt into 24 pay checks.

this thread gotta be a troll thread.

 

[purbeast0]

Yes, it's serious and as I said, the company accountants mentioned it.

I was told that there is indeed an extra check every so many years (I don't recall the number). The company had it in the plan.

Edit: I'm not sure that they get paid anything on leap year specifically though...just an extra check every so many years because of the extra day(s) involved when dividing by 7 or 14 (typically).

yeah, your story sounds very legit. an accountant at your old job, told you through the grapevine about something, that you personally did not verify. sorry if i'm not believing you, and even if that is the case, it's retarded and a bonus paycheck at your company and not part of the salary.

 

[PenguinPower]

What about the extra day every 3 years and extra two days every leap year?
Are you expected to work 40 hours that week even if its only a 4-day work week?

No, because salary (at least for exempt ees) is a predetermined compensation amount to be paid out weekly, or less frequently, for work performed during a workweek. Work 1 hour, get a workweek worth of pay (with seven exceptions). Work 60 hours, get a workweek worth of pay.

 

[her209]

You get paid at the 1/2 month mark, then paid on the last day of the month. Simple isn't it?

No not really simple. Your paycheck should reflect

Salary / 12 if paid monthly
Salary / 24 if paid semi-monthly

Correct?

So how does it take into account the 366th day on leap years? It doesn't.

 

[purbeast0]

No not really simple. Your paycheck should reflect

Salary / 12 if paid monthly
Salary / 24 if paid semi-monthly

Correct?

So how does it take into account the 366th day on leap years? It doesn't.

there are still 12 months in a leap year...

 

[Engineer]

Most people get paid semimonthly

I've not seen that. Most people I know get paid weekly or Bi-Weekly.

 

[Engineer]

yeah, your story sounds very legit. an accountant at your old job, told you through the grapevine about something, that you personally did not verify. sorry if i'm not believing you, and even if that is the case, it's retarded and a bonus paycheck at your company and not part of the salary.

Sorry you don't believe me. My plant manager backed his story up several times (as he was doing the next year budget plan). I don't work in accounting but it made sense the way it was explained to me.

http://www.accupay.com/PayDays/80%20Extra%20Paycheck%20in%202009%20or%202010.pdf

Does the above help?

Here's another...

http://www.bankrate.com/brm/news/advice/20040407a1.asp


Exactly as I was told. Some companies may opt to lower you check each pay period to compensate for it. My company simply added it to 'plan' and paid it.

 

[SOFTengCOMPelec]

No not really simple. Your paycheck should reflect

Salary / 12 if paid monthly
Salary / 24 if paid semi-monthly

Correct?

So how does it take into account the 366th day on leap years? It doesn't.

Question for you. If you are renting a property, and it is exactly $1000 per month. How much do you pay, for the month, which is extended by a day, during a leap year (February) ?

If you would still pay $1000, then why should something else (like a job) be any different ?

Or would you pay 29/28 * $1000 = $1035.71 for the leap year months rent of February ?

I bet you would pay $1000 and NOT $1035.71

If you are really worried by this, then maybe you should arrange to be payed a fixed amount per hour/day or week**.

**weeks when the hour is changed (daylight saving), would be out by 169/168 or 167/168, so I guess you would still not be happy.

 

[purbeast0]

Sorry you don't believe me. My plant manager backed his story up several times (as he was doing the next year budget plan). I don't work in accounting but it made sense the way it was explained to me.

http://www.accupay.com/PayDays/80%20Extra%20Paycheck%20in%202009%20or%202010.pdf

Does the above help?

that is a bonus basically every 7 years or so, that isn't part of salary. and that is definitely the exception.

 

[Engineer]

that is a bonus basically every 7 years or so, that isn't part of salary. and that is definitely the exception.

Call it what you wish. Some companies pay it...others adjust. It's exactly as I explained it as I was told (by the accountant and the plant manager).

 

[her209]

Question for you. If you are renting a property, and it is exactly $1000 per month. How much do you pay, for the month, which is extended by a day, during a leap year (February) ?

If you would still pay $1000, then why should something else (like a job) be any different ?

Or would you pay 29/28 * $1000 = $1035.71 for the leap year months rent of February ?

I bet you would pay $1000 and NOT $1035.71

If you are really worried by this, then maybe you should arrange to be payed a fixed amount per hour/day or week**.

**weeks when the hour is changed (daylight saving), would be out by 169/168 or 167/168, so I guess you would still not be happy.

Typically in a lease agreement, the lease states the monthly amount that's due. Not the total annual amount.

 

[Carson Dyle]

I've not seen that. Most people I know get paid weekly or Bi-Weekly.

The only places I've ever seen salaried people get paid biweekly (I've never seen weekly) were at small companies when there are also hourly employees. Payroll for these companies is such an accounting hassle, that it just makes it easier when everyone gets paid on the same dates, both salaried and non. Larger companies, or companies where everyone is salaried tend to pay monthly or bimonthly.

 

[Engineer]

The only places I've ever seen salaried people get paid biweekly (I've never seen weekly) were at small companies when there are also hourly employees. Payroll for these companies is such an accounting hassle, that it just makes it easier when everyone gets paid on the same dates, both salaried and non. Larger companies, or companies where everyone is salaried tend to pay monthly or bimonthly.

That would explain it. All of the companies that I've worked for are mid sized to small. First two were bi-weekly with the current one weekly (strangely enough). Wife gets paid by the hour but her check is bi-monthly (school system).

 

[SOFTengCOMPelec]

Typically in a lease agreement, the lease states the monthly amount that's due. Not the total annual amount.

I agree with that. But usually monthly amounts can be converted to year amounts, by multiplying by 12, and vice verse by dividing by 12. (leap year or not).

Also I vaguely remember (but this may only apply in the UK), that they adjust the total number of bank holidays each year (such as Christmas etc), to compensate for leap years etc. So it may be an extra day off (in the UK at least), anyway.

February is so short relatively, even if it is extended to 29 days (in a leap year), it is less than the usual 30 or 31 days. So in real terms you are gaining (at least in a psychological sense), because it is February.

 

[Carson Dyle]

Let's humor the OP, just for shits and giggles.

The yearly calendar, including leap years, rotates on a 28 year cycle. 365 days is 52 weeks plus one day, so years after a non-leap year start on subsequent weekdays. Every fourth year (leap year) a day is skipped. The day on which a year starts dictates how many workdays (weekdays) are in the year. If we start a 28 year cycle in the year 2001, it looks like this:

Year  1st Day  Workdays
2001    Mon       261
2002    Tue       261
2003    Wed       261
2004    Thu       262*
2005    Sat       260
2006    Sun       260
2007    Mon       261
2008    Tue       262*
2009    Thu       261
2010    Fri       261
2011    Sat       260
2012    Sun       261*
2013    Tue       261
2014    Wed       261
2015    Thu       261
2016    Fri       261*
2017    Sun       260
2018    Mon       261
2019    Tue       261
2020    Wed       262*
2021    Fri       261
2022    Sat       260
2023    Sun       260
2024    Mon       262*
2025    Wed       261
2026    Thu       261
2027    Fri       261
2028    Sat       260*

What's interesting:

A typical work year has 261 workdays, but many non-leap years have just 260. So I suppose by the OP's oddball logic, this means you're getting paid an extra day's salary in those years.

In 2012 and 2016, even though they're leap years, they have the same number of workdays as a typical year. There is no "extra" day.

The leap year 2028 actually has one _fewer_ workday than the typical year.

(thanks to Excel and the NETWORKDAYS function)

 

[pontifex]

But do you see my point?

no

 

[CPA]

In 2009, there were actually 27 paychecks in the year, as opposed to the normal 26, but that was because January 1 fell on a Friday so companies accelerated the paycheck that week. I know our company did this. In fact, I asked to have my extra paycheck paid the following Monday, January 4th, as receiving it December 31st would have otherwise cost me $400 of extra taxes.

 

[Svnla]

How is the amount for the 24 pay days calculated?
What days are you paid?

One on the 1st and one on the 15th of every month.

 

[zCypher]

Most salaried jobs are a certain annual figure as already mentioned. You're paid X dollars per year, regardless of how many days worked in the year, simple as that. That's what being salaried means. So it's really a moot point. If some places are compensating for this, it would be the exception and not the norm.

If you're hourly then it might matter a bit more depending on what days and hours you're actually working that would cause the end result to differ. But then being hourly, you would not be salaried.

I have known some unscrupulous companies to really obfuscate their terms of employment. On one hand they tell you that you're salaried, as a justification to not pay you for additional hours worked. On the other hand they tell you that you're hourly, so that you also don't get paid for hours missed. Not sure if legal, but definitely seen some places do this. It's very misleading, and obviously can cause some people to become confused as to what the word "salaried" actually means.

If you're paid by the hour, you're earning an hourly wage, not a salary even if people casually use the term interchangeably. You're paid only for the hours worked at your rate per hour. Work less hours, get paid less. Work more hours, get paid more.

If you're paid a fixed sum per year, regardless of how this is dispensed (weekly, biweekly, monthly, whatever) -- it means you are paid that amount regardless of any extra hours worked, or any hours missed. That means you're salaried. In this scenario, the number of days per year is completely irrelevant.

 

[Carson Dyle]

I've had salaried jobs where the salary was discussed in monthly, not yearly terms. For example, $6000 per month. And raises were discussed the same, a $300 or $250 per month raise. And you can be sure nobody ever said: You'll be getting a little less in February, or there will be a slight difference in you paychecks in 30 day vs. 31 day months.