Semi-monthly pay period definition and meaning
A semi-monthly pay period occurs when employees receive two paychecks each month, usually the 1st and fifteenth of the month, or the fifteenth and the final day of the month.
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A semi-monthly payroll schedule can also be referred to as “bi-monthly.” While technically, bi-monthly does mean every two months, in payroll terms, it means two paydays per month, for a total of 24 paychecks per year.
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