PAY CYCLE Meaning and
Definition
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Pay Cycle refers to the specific timeframe or schedule that determines when an employee or worker will receive their salary or wages for a specified period. It indicates the frequency and regularity with which employees are compensated for their work. The duration of a pay cycle can vary depending on an employer's chosen policy or industry practices, but it is commonly weekly, bi-weekly, semi-monthly, or monthly.
In a weekly pay cycle, employees are typically paid on a fixed day every week. Bi-weekly pay cycles occur every two weeks, usually on the same day, granting employees 26 pay periods in a year. A semi-monthly pay cycle, on the other hand, involves two payments made per month, often around the 15th and last day of the month. Monthly pay cycles involve a single payment made once a month, usually near the end.
The pay cycle also determines when employees must submit their timesheets or work hours for the specified period. Mistiming or errors in submitting time records may result in a delay in payment. Additionally, pay cycles can affect budgeting and financial planning for both employees and employers.
It is important for employees to understand their employer's pay cycle, as it enables them to anticipate and plan their finances accordingly. Conversely, employers must adhere to applicable employment regulations, ensuring that they disburse employee remuneration within the given pay cycle.
Common Misspellings for PAY CYCLE
- oay cycle
- lay cycle
- -ay cycle
- 0ay cycle
- pzy cycle
- psy cycle
- pwy cycle
- pqy cycle
- pat cycle
- pag cycle
- pah cycle
- pau cycle
- pa7 cycle
- pa6 cycle
- pay xycle
- pay vycle
- pay fycle
- pay dycle
- pay ctcle
- pay cgcle
Etymology of PAY CYCLE
The word "pay cycle" is a compound term comprised of two words: "pay" and "cycle".
The word "pay" originates from the Old French term "paier" which means "to pay" or "to satisfy a debt". This Old French term can be traced back to the Latin word "pacare" meaning "to pacify" or "to make peace". Over time, "pay" came to refer specifically to giving money in return for goods or services.
The word "cycle" comes from the Latin word "cyclus", which in turn was derived from the Greek word "kyklos" both of which mean "circle" or "wheel". "Cycle" in English refers to a sequence of events that continually repeat in the same order, similar to how a wheel turns in a circular motion.
Similar spelling words for PAY CYCLE
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