Paydays are changing over the festive season.
The most wonderful time of the year for many is upon us – Christmas!
Despite often being a joyous time, there are plenty of factors that can cause stress and worry over the festive period, from Christmas shopping to posting out your presents on time.
And despite the cost of living crisis easing ever so slightly this year, people’s finances are still stretched more than in previous years.
With a lot more outgoings than usual, some employers will change the way their employees get paid over the holidays.
So, will you be getting paid before Christmas Day arrive?
It’s not uncommon for employers to change the payday for December so that you have money to cover Christmas.
With Christmas Day on a Monday this year and Boxing Day falling on a Tuesday – both of which are bank holidays – you could be paid early if you usually get paid on those days.
Employers might move your payments to Friday, December 22 to get ahead of the weekend and bank holidays.
Many might even pay you the week before, giving you enough money to get everything you might need.
Having Christmas covered is one thing, but people already have a high chance of going into debt over Christmas – and an early payday could mean having to make one paycheque last longer than usual.
Giving up on presents altogether might be too drastic for some, but you can check out Equifax’s tips to help that budgeting over Christmas, such as always keeping your present receipts and putting a small amount of savings away each year specifically to cover Christmas.
Universal Credit – which includes Housing Benefit, Employment and Support Allowance (ESA), Jobseeker’s Allowance, Child Tax Credit, Working Tax Credit and Income Support – payments will also be different over the Christmas period.
Bank holiday disruptions have meant that some claimants will see their money drop on different days.
However, payments will be sent to bank accounts early so millions of people aren’t left out of pocket.
Writing on the official Government portal, the DWP announced:
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