Caltech Pay Period Calendar 2021 – The pay period is the interval of time between an employee’s paychecks. The employee’s working time is tracked to determine how much they are paid. Common intervals for pay periods include weekly, bi-weekly, monthly, and semi-monthly.
- With a weekly pay period, the employee receives 52 paychecks each year. This period is common for hourly employees. Weekly paychecks are often paid one week in arrears, meaning that employees are paid for each pay period on the week after it is completed. Paying in arrears gives the employer’s payroll clerk enough time to calculate pay properly.
- With a bi-weekly pay period, an employee receives 26 paychecks per year. This period is sometimes used for both hourly and salaried employees.
- With a monthly pay period, an employee receives 12 paychecks each year. This pay period is used almost exclusively for salaried employees.
- With a semi-monthly pay period, the employee receives 24 paychecks per year. This is the most common period used for salaried employees.