What is a pay period?
Pay period: A pay period is a recurring length of time over which an employee's work hours are recorded and paid. It represents the schedule that an employer follows to compensate its employees for their services. Common pay periods include weekly, bi-weekly (every two weeks), semi-monthly (twice a month, often on the 15th and the last day of the month), and monthly. The choice of pay period varies by employer and can be influenced by factors such as the type of job, industry standards, and regional labour laws.