Bi-weekly pay refers to a type of payment schedule in which an employee receives their wages or salary every two weeks, typically on a specific day of the week. This is in contrast to a weekly pay schedule, where employees are paid every week, or a monthly pay schedule, where employees are paid once a month. Bi-weekly pay is also known as “fortnightly pay” in some countries.
Under a bi-weekly pay schedule, employees will receive 26 paychecks in a year, as there are 52 weeks in a year divided by 2 weeks in a pay period. This means that employees will receive their paychecks on the same day every two weeks, regardless of the number of days in each month.
Bi-weekly pay is commonly used by employers as it allows for a more consistent and predictable payment schedule for both the employer and the employee. It also helps with budgeting and managing expenses for employees, as they can expect to receive their paychecks on a regular basis.
It is important to note that bi-weekly pay does not necessarily mean that employees are paid for exactly two weeks of work. The pay period may vary depending on the company’s payroll schedule and the number of days in each pay period may differ slightly.
In summary, bi-weekly pay is a payment schedule in which employees receive their wages or salary every two weeks, providing a consistent and predictable payment schedule for both the employer and the employee.
