Posted by Doug Hass on December 29, 2014
When I was a kid, my parents taught me the traditional Mother Goose rhyme to remember how many days each month had: “Thirty days hath September, April, June, and November. All the rest have 31….Except for February.” It always seemed odd that this supposed Mother Goose rhyme couldn’t figure out how to fit February in. The payroll calendar, at least for those employers with bi-weekly pay periods, doesn’t fit it in either. That means that while 2015 isn’t a leap year on the calendar, it will be a Pay Period Leap Year for many employers.
What is a Pay Period Leap Year?
Pay Period Leap Years are years with an extra payroll period. For employers with weekly pay periods, each year has 52 weeks (where each week is exactly 7 days) plus 1 or 2 additional days (if it is a leap year). Read more...
All employers need to evaluate if the leap year will affect compensation for their salaried employees. Don't wait long to check. If employers want to adjust salaried employees compensation - it should be done ASAP to adjust over the 27 payrolls in 2015.
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