The bi-weekly payroll calendar in a typical year results in 26 paychecks for full time employees paid over 12 months. However, in the 2011/2012 fiscal year full time employees paid over 12 months received their pay over 27 paychecks. This phenomenon occurs every ten years and impacted all Non-Contract employees, Non-Teaching Professionals and those teaching Faculty members who selected to be paid over 12 months.
For those employees impacted, it is important to note that we will be returning to our normal 26 pays this fiscal year resulting in an additional gross amount appearing in your paycheck during the 2012/2013 fiscal year. For example, if an employee makes $54,000 per year; their gross bi-weekly paycheck was $2,000.00 in the 2011/2012 fiscal year (27 bi-weekly paychecks). In the 2012/2013 fiscal year their gross bi-weekly paycheck will be $2,076.92 (26 bi-weekly paychecks). The annual gross pay is the same; just spread over one less paycheck.
Please take note of this important information as you plan for the 2012/13 fiscal year.
Martha Maher-Garcia
Human Resources
09/04/2012 |