Employers paying staff 4 weekly - Why?

[Mikeyplum]

What is the benefit to employers for paying their staff 4 weekly?

I ask as the OH has recently got a job where she will be paid 4 weekly and it's going to be a bit of a PITA. I get paid monthly and that's how we budget. Money isn't tight but we like to budget and live within our means (which isn't very much). Her getting paid 4 weekly will mean we can't budget week by week (which I like), or by the same date every month.

Anyway, just curiosity really.


Cheers
Mike

[BrabusMog]

You do realise this means she will get paid 13 times a year instead of 12?

[Podie]

It means she gets 13 paydays a year.

If you can plan around it, budget on 12 and the 13th is a real bonus.

[simoid]

Means she gets the money quicker...

Shouldn't be a PITA once you realise this

[Disco You]

Mikeyplum said:

What is the benefit to employers for paying their staff 4 weekly?

I ask as the OH has recently got a job where she will be paid 4 weekly and it's going to be a bit of a PITA. I get paid monthly and that's how we budget. Money isn't tight but we like to budget and live within our means (which isn't very much). Her getting paid 4 weekly will mean we can't budget week by week (which I like), or by the same date every month.

Anyway, just curiosity really.


Cheers
Mike

You hate February don't you?

[Podie]

Disco You said:

You hate February don't you?

[Skyedriver]

Working for the Coop , they do that, seems a PITA as far as budgetting as all the bills come in monthly

[Rick101]

I love 4 weekly.

Get paid, make it last to the end of the relevant month.

Bank your next pay in a saver, mattress, wherever and don't touch it until the 1st, then transfer it into main account.

Once a year you'll have a nice bonus and some interest to boot.


So still budget monthly, just make that 4 weekly pay last until the month end.

[MitchT]

I like having my income and my outgoings in sync.

[Stedman]

Rick101 said:

I love 4 weekly.

Get paid, make it last to the end of the relevant month.

Bank your next pay in a saver, mattress, wherever and don't touch it until the 1st, then transfer it into main account.

Once a year you'll have a nice bonus and some interest to boot.


So still budget monthly, just make that 4 weekly pay last until the month end.

This, i've just gone to 4 weekly. Can't wait!

[plasticpig]

The benefit to the employers is they will be running a 13 period accounting year. Plenty of retail and restaurant businesses have 13 period years because their sales are far higher at weekends. The same number of weekends in each period means that their figures aren't skewed due to having a different number of weekends that a monthly accounting year would produce.

[jules_s]

All good until your missus gets paid early before christmas

Paid early then late means Jan is a woeful (for me) (not her)

[bennyboydurham]

Wife is paid four weekly. It's a pain in the arse. My pay day is fixed, hers jumps about all over the shop which doesn't help for budgeting. Monthly is easier.

[meggysaurus]

Before we TUPE'd over to our present company we were on monthly, was simpler, easier to keep track of bill dates etc, then we went to 4 weekly and I hate it!

[Mikeyplum]

MitchT said:

I like having my income and my outgoings in sync.

This!

I have most, if not all, of my bills taken out on the same day I get paid. Leaving whatever is left in there "disposable" income.

Her pay date will jump all over the shop and like someone previously mentioned, make some "months" seem longer than others.

PITA!

I like the idea of still budgeting to the month and having a "bonus" at the end of the year. Can you explain it a little more for me please?

Cheers

[Stedman]

Mikeyplum said:

This!

I have most, if not all, of my bills taken out on the same day I get paid. Leaving whatever is left in there "disposable" income.

Her pay date will jump all over the shop and like someone previously mentioned, make some "months" seem longer than others.

PITA!

I like the idea of still budgeting to the month and having a "bonus" at the end of the year. Can you explain it a little more for me please?

Cheers

I see it as, £30k a year is £1911 per month OR £1764 every 4 weeks

You make the £1764 work for you each month, putting the next 4 weekly pay into your savings, until a set date (maybe the 28th of each month).

By the time January IIRC comes around, you'll get two pay cheques - one will be your bonus

Edited by Stedman on Tuesday 22 January 16:55

[jeff m2]

Mikeyplum said:

What is the benefit to employers for paying their staff 4 weekly?

I ask as the OH has recently got a job where she will be paid 4 weekly and it's going to be a bit of a PITA. I get paid monthly and that's how we budget. Money isn't tight but we like to budget and live within our means (which isn't very much). Her getting paid 4 weekly will mean we can't budget week by week (which I like), or by the same date every month.

Anyway, just curiosity really.


Cheers
Mike

The company probably run their numbers weekly, retail ?
A store would get funny numbers if they only ran them monthly (five weekend month, etc)

I can see how this is inconvenient, you just have to budget on her 4 week pay, a little discipline will be needed not to "dip in early" as her pay will arrive a few days earlier each month.

One thing that may help is to prepare a cash flow statement, that way you can match the due dates of your outgoings to your joint incomes. You might find you will have to change the way you pay bills, ie on their due dates, not emptying your account the day after you rec your pay cheque.

[Mikeyplum]

jeff m2 said:

The company probably run their numbers weekly, retail ?
A store would get funny numbers if they only ran them monthly (five weekend month, etc)

I can see how this is inconvenient, you just have to budget on her 4 week pay, a little discipline will be needed not to "dip in early" as her pay will arrive a few days earlier each month.

One thing that may help is to prepare a cash flow statement, that way you can match the due dates of your outgoings to your joint incomes. You might find you will have to change the way you pay bills, ie on their due dates, not emptying your account the day after you rec your pay cheque.

It's a care home.

I like idea of making the 4 weekly pay last for the month and banking the bonus. Might give that a shot.

[valiant]

Mikeyplum said:

I like the idea of still budgeting to the month and having a "bonus" at the end of the year. Can you explain it a little more for me please?

Cheers

You get paid 13 times a year.

You pay out your regular direct debits 12 times a year.

For one payday a year you don't have to pay your DD and that's your 'bonus'.


You have to get in the habit of leaving a set amount in your account to cover your regular outgoings and know what your spare is.

[jeff m2]

Mikeyplum said:

jeff m2 said:

The company probably run their numbers weekly, retail ?
A store would get funny numbers if they only ran them monthly (five weekend month, etc)

I can see how this is inconvenient, you just have to budget on her 4 week pay, a little discipline will be needed not to "dip in early" as her pay will arrive a few days earlier each month.

One thing that may help is to prepare a cash flow statement, that way you can match the due dates of your outgoings to your joint incomes. You might find you will have to change the way you pay bills, ie on their due dates, not emptying your account the day after you rec your pay cheque.

It's a care home.

I like idea of making the 4 weekly pay last for the month and banking the bonus. Might give that a shot.

Care Home would be similar.
Employee costs probably higher at the weekends, so a 5 w/e month would not reflect true payroll expenses for that month.

Best of luck, I'm sure you will adapt.