© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.
 

Cookies help us run our services and make them more tasty. We've posted the full recipe on our Privacy Notice.

Whoa! Wait a minute ... how do I change my cookie settings?

Tap "Got it" if you're OK with cookies...

Got it
 

1. What types of pay schedules are there?

Types of pay schedules3:09

"What types of pay schedules are there?"

Pay schedules set when, and how often your pay gets paid.

To see a pay batch's types of pay schedules:

  1. First, select the pay batch on: MenuPay batches
  2. Then tap: SettingsPay batch settings
  3. Then beside Payday due, tap the "Edit" button:
  4. And finally, tap: Pay period recurs

There's five types of pay schedules:

  • Weekly.
  • Bi-weekly.
  • Semi-monthly.
  • Monthly.
  • And once only.

 

Weekly pay schedules:

  • Is when your people are paid on the same day of every week.
  • For example, payday could be: "every Friday"
  • You're free to select any day of the week as your payday.
  • Weekly is popular because people remember day-of-week payday routines.

 

Bi-weekly pay schedules:

  • Is when each pay period lasts exactly two weeks.
  • For example, payday could be: "every second Friday"
  • Bi-weekly is popular because you still get a day-of-week payday routine, but with half the effort of weekly.

 

Four-weekly pay schedules:

  • Is when each pay period lasts exactly four weeks.
  • For example, payday could be: "every fourth Friday"
  • Four-weekly is popular because you also get a day-of-week payday routine, but with four times less effort, compared to weekly.

 

Semi-monthly pay schedules:

  • Is when you've got two pay periods a month, each ending on the days of your choice.
  • For example, payday could be: "the first and 15th of every month"
  • You can pick any two ending days.
  • Semi-monthly is popular because you've got the assurance of exactly two paydays a month.

 

Monthly pay schedules:

  • Is when payday is on the same day of each month.
  • For example, payday could be: "the first of every month"
  • You're free to pick any day in the month that you'd like as your payday.
  • Monthly is popular because many people's bills, like rent, gas, and electricity, are also monthly.

 

Once only pay schedules:

  • Are only useful when your org is switching from one pay period type to another.
  • For example, switching from "Monthly" to "Weekly", and you need to pay your people for the few days gap in-between.
  • "Once only" pay periods are very rarely used.

To learn more:

You may notice:

  • That sometimes, some of the pay schedules may not show in the list, for your country.
  • If ever a pay schedule isn't available for your country, it's usually because it's not recommended, based on local tax rules.

And that's it! That's everything you need to know about pay schedule types you can pick from!

Updated: Thu, Oct 19, 2023.

© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.
www.1st.money/help/Payroll/Schedules/1._What_types_of_pay_schedules_are_there