Friday, June 06, 2014

Payday Frequency

"Payday is a highly anticipated day for any worker no matter when it takes place," notes the Bureau of Labor Statistics. Not only does pay period affect consumer spending decisions, says the BLS, but also the velocity of money. So just how frequently does payday come around? To find out, BLS researchers analyzed establishment data from the Current Employment Statistics survey, with these results for private-sector businesses...

Percent distribution of private-sector businesses by payday frequency
Weekly: 32.4%
Biweekly: 36.5%
Semimonthly: 19.8%
Monthly: 11.3%

Workers with weekly pay periods have the lowest average earnings, at $18.62/hour in 2013. Those paid semimonthly have the highest earnings, an average of $29.75 per hour.

Source: Bureau of Labor Statistics, How Frequently do Private Businesses Pay Workers?

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