What Is a Bi-Monthly Pay Period?
A bi-monthly pay period refers to a payroll schedule where employees are paid twice each month, typically on fixed calendar dates. This setup results in 24 paychecks annually for each employee and is often known as a semi-monthly pay schedule in payroll terminology.
Understanding How Bi-Monthly Payroll Works
Though “bi-monthly” may traditionally imply a payment every two months, in the context of payroll it means two paydays per month. Common pay dates include:
- The 1st and 15th, or
- The 15th and the last day of the month
This approach creates a consistent rhythm of 24 pay cycles per year.
Unlike bi-weekly payroll (which has 26 pay periods per year), bi-monthly pay periods can sometimes make payroll processing slightly more complex for hourly employees due to fluctuating workdays between pay periods.
How Beyond Simplifies Bi-Monthly Payroll
Using a solution like Beyond allows employers to easily manage semi-monthly payroll schedules. Beyond automates calculations, adjusts for partial pay periods, and ensures that salaried and hourly employees are paid accurately and on time, no matter the calendar dates involved.