The majority (85%) of employees would rather be paid on a monthly basis instead of weekly or twice a month.
According to research from the Institute of Payroll Professionals (IPP), 65% of employees said Friday is the ideal day of the week to get paid. Furthermore, many prefer to receive a pay cheque at the end of the month, with 33% opting for the last working day of the month.
Lindsay Melvin, chief executive of the IPP, said: “Employees may prefer Fridays to get paid because it gives them the opportunity to enjoy the financial rewards of all their hard work over the weekend.
“It also makes sense that so many employees prefer to receive their pay cheque on a monthly basis. There are many advantages to this. For instance, being paid monthly can help workers manage their money more responsibly. With bills usually coming out of one’s bank account once a month, people can then budget what they have left until the next payday. Some people may not have the discipline to ensure they put aside money for the rest of the month if they get paid weekly or every couple of weeks.”
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