Going to monthly pay from weekly...Gonna be skint.

[TopMeTom]

My employer informed us today that we will be going to monthly pay from weekly on the 16th feb.
They told us that our last weekly pay will be 31 Jan(we run fri to thurs) Then on 16 feb we will get an interim payment of two weeks pay then have to go through to 16th march before getting a months pay minus the interim payment?

This sounds all wrong to me, maybe I am wrong?

Any advice appreciated!

[Astraeus]

As a consequence, have they made any provision for lost interest? If you're able to deposit money every fortnight, isn't it possible that you're missing out on two weeks of interest - dependant of course on the respective dates of being paid and earning interest.

[pixelpixel]

Originally Posted by philb

My empolyer informed us today that we will be going to monthly pay from weekly on the 16th feb.
They told us that our last weekly pay will be 31 Jan(we run fri to thurs) Then on 16 feb we will get an interim payment of two weeks pay then have to go through to 16th march before getting a months pay minus the interim payment?

This sounds all wrong to me, maybe I am wrong?

Any advice appreciated!

Is it every week to every 4 weeks or is it once every 28 days ?

How does your sick cover work ? The place I work weekly staff only get basic sick pay, monthly staff get full cover.

When you go from 1 week to 4 weeks or monthly the place I work at will give you a bridging loan that you pay back at a set rate. It can be as low as £5.00 per week

[TopMeTom]

We was just told we would get paid on the 16th of the month?

Sick cover????????? Hah stat sick pay is all we get, pathetic.

They have said they will 'sub' people for a month at a time until three months is up. Then your on your own....

[avinitski]

i still dont get why you say you will be skint? you mean during the cross over period?

[TopMeTom]

Yeah during the month, when you've done 20 years weekly, to go monthly suddenly is pretty daunting!!

[Ian J]

I used to work for an old fashioned Merchant Bank where they paid people a monthly salary in advance. Apparently this was brought in during the 1800's as the clerks used to spend their salary too quickly and have to resort to the pawnshops to see them through the month.

The system was great when you joined but a real pain if you left as it meant having to go two months without pay

[The Dude]

Monthly pay is usually much better once you're settled, nearly all your bills, DDs etc work on a monthly basis, it should make life easier for you once you get used to it.
I do temporary work normally, and hate weekly paid contracts in comparison to monthly.

Sounds like the interim payment is a 2 weeks sub, to help you all get through to the first monthly payday.
I'd suggest try have a really tight month first off, and really try get by on the 2 weeks money.

When you get paid on 16th March, (a month, minus the 2 week sub) last as long as you can, then sub another 1 week's worth only if you have to, and try get by.

Also, you won't have a lot spare out of this March payday, so a few days before then would be a good time to make some calls and try re-arrange any DDs you have, so they don't try take any more payments until after 16th April. You can buy yourself a whole month if you're clever about it.



If you can stick to that:


Feb 16th you get a sub of two weeks wages

March 16th you get a month, minus the 2 weeks sub

April 16th you get a month minus the 1 weeks sub, your DDs go out.

May16th you get a full months wages, and you're settled.


Alternatively, If you've a credit card things are even easier, you can use your card to get you through March until the April payday, which will be a full months wages.

Originally Posted by The Dude

Monthly pay is usually much better once you're settled, nearly all your bills, DDs etc work on a monthly basis, it should make life easier for you once you get used to it.
I do temporary work normally, and hate weekly paid contracts in comparison to monthly.

Sounds like the interim payment is a 2 weeks sub, to help you all get through to the first monthly payday.
I'd suggest try have a really tight month first off, and really try get by on the 2 weeks money.

When you get paid on 16th March, (a month, minus the 2 week sub) last as long as you can, then sub another 1 week's worth only if you have to, and try get by.

Also, you won't have a lot spare out of this March payday, so a few days before then would be a good time to make some calls and try re-arrange any DDs you have, so they don't try take any more payments until after 16th April. You can buy yourself a whole month if you're clever about it.



If you can stick to that:


Feb 16th you get a sub of two weeks wages

March 16th you get a month, minus the 2 weeks sub

April 16th you get a month minus the 1 weeks sub, your DDs go out.

May16th you get a full months wages, and you're settled.


Alternatively, If you've a credit card things are even easier, you can use your card to get you through March until the April payday, which will be a full months wages.

Not sure how you worked this out??

If his last weekly pay is 31st January that would normally be work already done to 31st Jan. Then if he is paid again on 16th Feb as the first "monthly" he is only be paid two weeks, so this wouldn't be a sub would it?

The next pay packet on 16th March would be for a full month surely with no deductions.

What the OP doesn't say is what their pay date and range is, for example we used to paid 15th monthly covering two weeks in hand and two weeks in advance. This was changed to 23rd monthly, so three weeks in hand and on in advance or as close you could call it.

He says pay day is the 16th but what is the pay period, is it for the month previous or 16 days prior and 14/15 days left of the month.

Our company were aligning us with other businesses in their group and basically offered an interest free loan, repaid over the next three pay days where you could borrow the 8 pays pay you felt you were being delayed on.

In reality about 15% of 1200 people took this up.

[RMCF]

Originally Posted by philb

Yeah during the month, when you've done 20 years weekly, to go monthly suddenly is pretty daunting!!

But this doesn't make sense.

You will be paid the same money overall. So I don;t see how you find it daunting.

I have always been paid monthly in 15 yrs of employment and have no issues.

Only really affects those that rush out and blow their wages in the first week of getting it (know many like this), but I assume you have enough sense NOT to do that.

[The Dude]

Originally Posted by Bluehorse

Not sure how you worked this out??

If his last weekly pay is 31st January that would normally be work already done to 31st Jan. Then if he is paid again on 16th Feb as the first "monthly" he is only be paid two weeks, so this wouldn't be a sub would it?

The next pay packet on 16th March would be for a full month surely with no deductions.

What the OP doesn't say is what their pay date and range is, for example we used to paid 15th monthly covering two weeks in hand and two weeks in advance. This was changed to 23rd monthly, so three weeks in hand and on in advance or as close you could call it.

He says pay day is the 16th but what is the pay period, is it for the month previous or 16 days prior and 14/15 days left of the month.

Our company were aligning us with other businesses in their group and basically offered an interest free loan, repaid over the next three pay days where you could borrow the 8 pays pay you felt you were being delayed on.

In reality about 15% of 1200 people took this up.

It's the best I could come up with using the info given in the OP.

I figured they were going from paying on a weekly cycle to paying in arrears on a monthly cycle (2 weeks late)?

As in.... the last weekly pay cycle is 31st Jan
The first monthly cycle starts 1st Feb etc, but isn't actually paid to PhilB until 16th March

So the Feb 16th payment is actually a sub, paid halfway through the first pay cycle?


It's a slightly sneaky way of employers borrowing two weeks wages from you, happens with a lot of recruitment agencies these days. working an extra two weeks time in hand for all intentional purposes..
It was the only way I could make sense of it, at least.

[Setenza]

I do contracting and some companies pay weekly and some pay monthly. I was paid weekly last summer and then went monthly from October.

My solution, which I must admit is a foible of the industry that I work in, is to try and build a float of a least a months wages.

Because I could get unlucky and not find a contract immediately, I have to feature that into the equation.

It's a radical change (mainly psychologically) to move from running a weekly to a monthly budget, but the latter does have advantages.

[TopMeTom]

Originally Posted by The Dude

It's the best I could come up with using the info given in the OP.

I figured they were going from paying on a weekly cycle to paying in arrears on a monthly cycle (2 weeks late)?

As in.... the last weekly pay cycle is 31st Jan
The first monthly cycle starts 1st Feb etc, but isn't actually paid to PhilB until 16th March

So the Feb 16th payment is actually a sub, paid halfway through the first pay cycle?


It's a slightly sneaky way of employers borrowing two weeks wages from you, happens with a lot of recruitment agencies these days. working an extra two weeks time in hand for all intentional purposes..
It was the only way I could make sense of it, at least.

Yes yes that's what they are proposing.

Sneaky!

[steptoe]

i know how you feel went weekly to monthly pay then they paid me on the 21st of december. i dont get paid again until the 28th january. just so payroll could have two weeks off over christmas

[metalhead72]

I have had monthly pay for years.. But I can remember that transition period from weekly to monthly I was hard but now I would never would want to go back to weekly pay