Employee Handbook Small Business Payday Policy
Be sure your organization creates comprehensive professional Employee Policies because it is so important. To help you we have created an “Employee Handbook Small Business” section on Leadership Skills for Life. Below we have provided a Payday Policy to include in your employee policy handbook.
Employee Handbook Small Business
The workweek (or “pay period”) will commence 12:01 a.m. on Sunday morning and end at 12:00 p.m. on Saturday evening for wage pay calculation purposes. All staff members employed by “Insert Your Business Name Here”
will be paid “Enter the Pay Cycle Here – Daily/Weekly/Bi-Weekly/Monthly” on “Enter Which Day – Friday or the 15th as an Example”
. If the payday falls on a holiday or a day in which the banks are closed the paycheck will be provided the day prior.
Employees are expected to immediately report any mistakes in their paychecks. Underpayments will be rectified as soon as possible. If it is not practical to issue an employee a new paycheck to correct any overpayment, the overpayment will be deducted from the employee's next paycheck.
Employees “Enter - may be paid by check or - will be paid”
through direct deposit of funds to either a savings or checking account at the financial institution of their choice.
It is the company's policy that employee paychecks will only be given personally to that employee or mailed to his/her home address if the employee does not have a bank account with the bankers of the company.
In the event of a lost paycheck by an employee, management must be notified in writing as soon as possible and before a replacement check can be issued. In the event the lost paycheck is recovered and the company identifies the endorsement as that of the staff member, the concerned employee must remit the amount of the replacement check to the company within 24 hours of the time it is demanded.
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