ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Paycheck amounts Because the payroll is processed fewer times for semimonthly frequencies than biweekly, employees’ paychecks will be greater. Biweekly paychecks will be be for less money, but employees will receive the two additional paychecks to make up the difference.

Detailed explanation-2: -The term bimonthly payroll refers to a compensation schedule through which employees receive pay twice per month-typically on the 15th and last day of a month-resulting in 24 total paychecks per year.

Detailed explanation-3: -Biweekly pay dates occur every other week, and semi-monthly pay is paid out on two specific dates a month (e.g. every 5th and 20th of the month). Other significant differences include: Biweekly Pay. There are 26 pay periods per year. Employees are paid on a specific day, e.g. every other Friday.

Detailed explanation-4: -With biweekly, payroll staff take the same steps on the same days every two weeks. The schedule never varies. With bimonthly, schedules change every month.