EMPLOYERS, TERMINATION AND PAYCHECKS- ALL YOU SHOULD KNOW
Every phase in our lives has to come to end one way or another- same goes for your job. You either resign or your employment gets terminated for something you did or because the company is about to fold up or go bankrupt. Whatever the case might be, terminations are not often well received by anyone.
Nevertheless, when you become a victim of termination, one of the questions that flood your mind is “will you get paid?” “Would you get paid at all?” Most importantly, if you got another job offer that you’re to resume at, you’ll wonder when your termination paycheck would come in- if it comes at all.
And that’s understandable because you’ll need to sustain yourself somehow until you work long enough to get paid at the new job. Don’t worry, we’re here to respond to all your questions about your employer, termination and paychecks.
Why would your place of Employment hold your First Paycheck?
While this seem to be the case to employees, it’s not always the case in reality. Let’s go back to history for a bit. Back in the day, when Paychecks hadn’t been invented, people often got paid instantly after they completed the job they were assigned to do.
However, as the times evolved and paychecks, payroll, taxes, accounting standards, etc. were invented. While these accounting standards and payroll takes time to handle, it delays when Paychecks should arrive.
As a result, people assume that their companies hold their first paycheck and it’s not surprising especially when you’re new at the company.
A delay in your first paycheck would come as a shock or surprise if there was no supposed delay where you worked at before.
Regardless of the situation, you should know that your employment would never hold your first paycheck unjustly. If there’s a delay, it’s all because of the paper works associated with the Payroll, taxes, etc. that they have to clear.
Do you get paid for your first week of work?
Well, it all depends on your company’s policy and what is accepted as your Country’s or State law. In some parts of the world, the State might not have an opinion on how often the company you work with pays your salary.
In this case, you have to refer to your offer letter and the Company’s policy. If your offer letter states that you’ll be paid for your first week of work as soon as you’ve completed the task for the week, then you will get paid. But that doesn’t mean you’ll get paid for your second, third and fourth week of work- unless your offer letter specifies that you’ll be paid weekly.
According to some country’s policy, employees get paid monthly, while other get paid weekly. In this case, if your employer pays Monthly, you won’t be paid for your first week of work- unless there was a prior agreement that you’d be paid after your first week of work.
If I get paid every 2 weeks when will I get my first check?
There are different payroll schedule. For some employees, their Payroll schedule usually runs for a month. As for other company’s their payroll runs biweekly. In this type of payroll schedule, employers usually give paychecks every two weeks, it is usually a Friday or the next Monday, depending on how fast they clear the paperwork.
On that note, if your company’s payroll schedule is a biweekly schedule, you’ll get your paycheck at the end of the second week at work. It could be on the Friday of the second week of your work week or the Monday after.
On a large scale, that means you’ll get paid your full salary slashed into two. For instance, if your salary is $1,200, you’ll get paid $600 at the end of the first two weeks, specifically on the Friday that ends the second week in the month. Then, the rest of the $600 would be paid to you at the end of the next two weeks- which is the 4th week in reality.
When do you get your first paycheck at a new job?
When you start a new job, you might need to look out for your Company’s payment policy. While some companies pay Biweekly, other pay monthly. As a result, if your company pays biweekly, you’ll get your paycheck at the end of your first two weeks at your new job.
However, if your company operates a monthly payment policy, then when you start your new job, your first paycheck would come in on the last day of the month or on any day that falls within the last week in a month. In essence, you’ll have to work for a full month to get your first paycheck.
Why don’t you get paid the first week?
The reason you don’t get paid on the first week of work, especially if your company operates a monthly payment schedule is because you have to first do the work you were employed for before you get the reward for it.
If you think about it, Paychecks are actually like a reward for your work at the company you work at. More so, there are paperwork that needs to be drafted, filled, signed, etc. before your employer can start to distribute paychecks.
Why does it take 3 weeks to get paid?
If your company pays your monthly, you have to wait three week to get paid because of a lot of things such as verifying hours, rates, leave time, figure taxes and other deductions, and prepare government reports, and issue checks or process direct deposits.
But the most important is, Payroll isn’t easy to process. Now, imagine if your company has tons of staff. The system for paychecks they’ve invented might be bureaucratic, although it works.