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What the actual fuck? Why are humans being paid $10m A YEAR, let alone over $75m?!
I love breaking down these huge salaries into 2 week chunks because I think it brings the disparity into perspective more for people since most of us get paid 2x a month.
For $75 million that is a twice a week paycheck (I know CEOs don't get paid this way) of $3,125,000!
That's the total of 1000 employees 2 week paychecks if they all made ~ $40 an hour
$75,000,000 ÷ 26 = $2,884,614
$2.8 million every 2 weeks, not $3.125 million twice a week.
The reality is bad enough without exaggeration.
They tried to do twice a month and got their wires crossed.
What it must be like to be able to retire after your onboarding seminar.
When you put it that way, that's fucking insane. $2 million in retirement plus having my house paid off has always been my retirement goal. Granted, by the time I reach that goal, inflation and the cost of living will probably make that not enough.
Still, to think this asshat makes that in less than 2 weeks is fucking ridiculous. Like why even work at that point? I realize "work" for a CEO is mostly golfing and expensive dinners, but still...
wait, where in the world is it common to get paid twice a month? we got rid of that in like the 70s...
I get paid every 2 weeks, so slightly more often than twice a month. The twice a year "extra" paychecks go straight into savings because they're not part of my monthly budget. It's a government job in the USA.
US based here. My wife gets paid on the 15th and last day of the month (28,29,30, or 31st). So she could have anywhere from 9-12 working days each check. I am paid every other week.
For a second I was like "what month ends on the 29th???"
And then I realized you were being so specific as to include leap years one day.
strange. as far as i understand it we got rid of it because more frequent paychecks can make people subconsciously less likely to put money into savings, sort of how like living next to a supermarket makes some people cook less. it's not a law, but the unions pushed for it until it became the standard.
Hint: if it's a thing that unions push for, don't be surprised if it doesn't exist in the U.S.
It's not a coincidence at all, this place absolutely hates empowered workers.
I've never had a job that paid semimonthly, but almost every job I've ever had was bi-weekly.
I had a job that paid 2x/month 20 years ago. I think the one before that did the same, but... That was a long time ago and I'm not sure if I remember
wait, what does semimonthly mean? like, not every month?
The English language is scuffed; due to misunderstandings we end up with seemingly opposite words now being used interchangeably to mean the same thing:
It’s at the point where if you can’t derive the intended definition from context, you need to ask for clarification! 🤦🏻♂️
In this context, I’m pretty sure the commenter was referring to twice-a-month payment. Here in Australia we would call that fortnightly (once every two weeks), where we end up with a scenario where twice a year we end up with 3 payments (for a total of 26 a year). This tends to be more common for hourly wages roles.
It’s been a hot minute since I was paid like that, as corporate salaried positions now tend to be monthly - in order to keep things simple for the HR and Finance teams, and honestly helps people like me to learn/maintain better fiscal responsibility and budgeting.
No! Bad! Do not encourage this! Like biweekly, biannually is every two years.
"Flammable" was invented specifically to avoid confusion with "inflammable."
why then separate it from biweekly?
Biweekly is fortnightly. Every two weeks. I.e. Every other Thursday.
Semi-monthly would be twice a month, i.e. the 1st and the 15th.
26 biweekly paychecks in a year...24 semimonthly paychecks in a year.
JasonDJ did a good job at explaining the what, the why would be down to cost-cutting. There are fixed costs associated with putting out payroll (beyond man hours required, there are processing fees etc.); so opting for 2/month instead of fortnightly saves you ~10% in fixed costs.
We get paid daily
Who is "we"?
most of europe i assumed, but now that i've said it i realise i have no data.
My last job paid 1st and 15th . And the company i own now does the same.
I find budgeting much simpler than with a bi-weekly paycheck.
Honestly I get paid once a month but I know some of my friends have 2 paydays a month so it's still out there in the wild
i have only ever heard of one place that paid biweekly, and that was a completely analog firm run by some religious nut. they stopped doing it in like 2002 and everyone who worked there complained.
Conversely, I have never worked anywhere that paid bimonthly and only ever at places that paid biweekly, although a friend of mine did some years ago so… looks like there’s different payment schedules in different places—astounding.
I will say every single place i’ve worked has not paid enough to live in the modern era so at least that seems to be a consistent through-line.
Twice a week would be 700k