Policy Regarding Payroll and Pay Cycles: Difference between revisions
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<b>2. Payroll Processing:</b></br> | <b>2. Payroll Processing:</b></br> | ||
a) Payroll for each pay period is to be processed and issued to employees by the following | a) Payroll for each pay period is to be processed and issued to employees by the following Saturday.</br> | ||
b) While all attempts will be made to meet this payroll deadline, there may be instances when payroll processing may take fewer or additional days due to the cash-based nature of the business.</br> | b) It should be noted that some banks do not support Real-Time ACH payments, and therefor may see up to an additional 2 banking business day processing delay.</br> | ||
c) While all attempts will be made to meet this payroll deadline, there may be instances when payroll processing may take fewer or additional days due to the cash-based nature of the business.</br> | |||
However, any delay in payroll processing will be within reason.</br> | However, any delay in payroll processing will be within reason.</br> | ||
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Latest revision as of 23:18, 3 September 2023
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NOTICE: This is a policy proposal and is still in the drafting stage. |
Company Policy: Pay Periods and Payroll Processing
Purpose:
The purpose of this policy is to establish guidelines for pay periods, payroll processing, and payment of employees at Tech Stop.
This policy ensures timely and accurate payment of employee wages and promotes transparency and consistency.
1. Work Week and Pay Period:
The standard work week at Tech Stop begins on Sunday and ends on Saturday. Each pay period covers one work week.
2. Payroll Processing:
a) Payroll for each pay period is to be processed and issued to employees by the following Saturday.
b) It should be noted that some banks do not support Real-Time ACH payments, and therefor may see up to an additional 2 banking business day processing delay.
c) While all attempts will be made to meet this payroll deadline, there may be instances when payroll processing may take fewer or additional days due to the cash-based nature of the business.
However, any delay in payroll processing will be within reason.
3. Payroll Exceptions:
a) Any exceptions to the payroll processing times or pay periods must be supported by a valid explanation and require approval from the company’s system administrators.
b) In cases where there are exceptions, the affected employee(s) must be informed in writing, and an appropriate resolution will be determined by the system administrators in consultation with the affected employee(s) and management.
4. Record Keeping:
a) Tech Stop is responsible for maintaining accurate payroll records for each employee.
b) Employees have the right to review their payroll records and request corrections if any discrepancies are found.
c) Employees are required to use systems provided by Tech Stop for record pulls and corrections and/or submit required documentation of/for the applicable work.
5. Compliance:
Failure to comply with this policy may result in disciplinary action, up to and including termination of employment for responsible parties.
6. Policy Review:
This policy will be reviewed and updated as necessary by System Administration, in consultation with accounting and management.
This company policy has been proposed by:
▛ ADMIN ▟ NovusOrdoOrbis
5/3/23