It’s Bank Holiday Weekend! Would having a different payday help you to budget better?

They say that Thursday is the new Friday, as office-goers head to the pub for a soft drink in anticipation of the weekend. But Friday shouldn’t feel neglected – because nearly two-thirds of us say it’s the ideal day to get paid.

That’s the conclusion of a survey by the Institute of Payroll Professionals (IPP) about attitudes to pay day and the timing of pay slips.

Their results show that we’re not so keen on the weekly pay packet. In fact, 85% of employees would rather be paid monthly rather than each week or twice a month. And they would prefer to get the cheque at the end of the month, with a third of staff (33%) opting for the last working day of the month.

Being paid monthly also helps you to budget better, keeping track of bills and bank debits. ‘Some people may not have the discipline to ensure that they put aside money for the rest of the month if they get paid weekly or every couple of weeks,’ said IPP Chief Executive, Lindsay Melvin, suggesting that people talk to the person who handles payroll.

Small businesses face many constraints, so could find it difficult to tailor-make solutions for staff. On the other, hand many of us have trouble deciphering our payslip, and few of us actually ask the person who handles payroll about it. With National Payroll Week, 6-10 September, the IPP wants to encourage payroll departments to show staff what they do, and give them an opportunity to start a conversation with them. Read more on National Payroll Week

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  1. Pingback: Choose Your Bank Holiday Adventure | Euroffice Stationery Blog

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