(WJW) – Who couldn’t use some extra cash? Employees paid on a biweekly schedule might have an easier time paying off holiday spending next month.
That’s because, during two months of the year, they will be receiving three paychecks.
For workers whose first paycheck in January falls on Jan. 3, additional paydays are expected on Jan. 17 and Jan. 31. Those same employees can anticipate another trio of paychecks in August—on Aug. 1, Aug. 15, and Aug. 29.
The timing of these “extra” paychecks depends on the employer’s payroll calendar. Workers with a Jan. 10 payday, for example, won’t see a third January paycheck. Instead, their first three-paycheck month will come in May, with pay dates on May 2, May 16 and May 30.
These occurrences happen because the calendar year contains 52 weeks, leaving 26 biweekly pay periods. In most months, employees are paid twice, but a few months will include a third payday depending on when pay cycles begin.
That means, for some, an extra Friday payday next month might help ease the sting of their credit card bills following the holiday season.
