SAN ANTONIO, Feb. 29 /PRNewswire/ -- An extra day, an extra paycheck.
The extra day or "leap" day added to February could mean many workers will
get one more paycheck than usual in 2008.
"In an average year, most days are repeated 52 times. In 2008, however,
two days will repeat 53 times -- Tuesday and Wednesday," said Dan Maddux,
executive director of the American Payroll Association. "Employees that are
paid on either a Tuesday or Wednesday may get an extra paycheck in 2008."
For salaried employees the leap day likely means a smaller paycheck all
year. To compensate for the extra payday, companies will likely reduce
salaried individual paychecks throughout the year to 'pay' for the extra
paycheck. Most salaried individuals are promised an annual salary, not a
specific amount each paycheck.
Not all employees will receive an extra paycheck in 2008. Employees
should talk to their payroll departments to see if their pay will be
affected by the leap year.
A recent study by the American Payroll Association shows that 67
percent of employees live paycheck to paycheck. A reduction in an
employee's paycheck amount caused by the leap year, although minor, might
make it difficult to make ends meet. Lots of programs offered through
payroll departments can help employees save and reduce their overall tax
burden. Employees can visit the National Payroll Week Web site,
http://www.nationalpayrollweek.com, for tips to stretch their paycheck.
SOURCE American Payroll Association