- Slides: 13
Financial Services Upcoming Payroll Schedule Change
Payroll Schedule Change: 24 Pay Schedule • Starting July 16, 2019 ALL district employees will be on a 24 pay schedule.
Payroll Schedule Change: 24 Pay Schedule What does that mean for me?
Payroll Schedule Change: 24 Pay Schedule Ø 24 times per year (two times per month). Ø Employees will be paid 1 st and 16 th of each month. Ø Annual pay/divided by 24 or hourly pay based on the payroll calendar.
Payroll Schedule Change: 24 Pay Schedule Why is the District proposing a single 24 -semi-monthly pay period option versus our current 26, 22, 21 and 24 multiple pay option schedule?
Payroll Schedule Change: 24 Pay Schedule Because…. A single pay option offers multiple benefits to the employees, taxpayers, and district….
24 Pay Schedule Benefits to the Employee • • • Receive longer net pay for 26 pay options. 21, 22, 23 pay options minimal or no decrease in net pay Every employee is guaranteed a paycheck over summer months Easier to understand payroll calendar for employees. Financial arrangements are based on a monthly schedule: mortgages, rents, car payments, etc.
24 Pay Schedule Challenges • • • Employees will have to wait long in between paydays; less paydays. Adjust all banking payments as in automated bill schedule or payment amounts. 24 pays versus 21 pays will reduce the gross pay per payday, but will not change their annual pay.
24 Pay Schedule Net Pay vs. Gross Pay q Net Pay is the amount of pay remaining after deductions have been taken out. q Gross Pay is the amount of pay before deductions have been taken out.
Pay Schedule Change: 24 Pay Schedule HOW WILL THE POLICY IMPACT NET PAY?
Comparison of Net Pay Frequency Annual Salary of $12, 174. 00
Comparison of Net Pay Frequency Annual Salary of $61, 877. 00
Proposed Payroll Policy Change Questions ?