WF will replace it's biweekly pay schedule with a semi-monthly one starting January 2027. How will this affect the layoff calendar? The current predictable "Tuesday after the payday" would become harder to track given the irregular nature of the new schedule; i.e., the payday can fall on any day of the work week. Perhaps the layoffs will also occur on a semi-monthly basis, like around certain dates of each month?
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@kg It's literally explained that you'll get two paychecks for one pay period. One to make up for the pay in arrears (current model), and then the other one for the normal pay period.
I'm not sure if this means you have to plan ahead for a week/half a pay period, or if you get a mini-bonus of half a pay period.
What happens to the January 1 paycheck? Are we expected to go from December 18 to January 15 without a paycheck?
@jn no, they'll steal the money.
Seriously, what do you weirdos think?
We get two pay days on 1/15. This is a good change.
I have not seen the announcement. Last pay this year will be on Dec 31 and will be pay period ending Dec 26. Do we think Jan 15 pay check will cover Dec 27 to Jan 15?
I wonder if I’ll get the half paycheck I lost years ago when they switched to every two weeks and withheld a week’s pay until you left the company! LOL.
Once again this site proves to be a useful source of early intel on policy changes. Despite the trolling, racism, questions people could answer by reading the benefits book, and weird bootlicking rants. Grateful for the people who come on here to share useful info
With the new pay schedule (which just got announced 5 minutes ago); I would imagine displacement notifications would probably happen in the few days leading up to payday. The new schedule pays you on the last day of the pay period so they would be able to make the system updates needed right before the new pay period starts. Just a guess.
This is probably the only ‘raise’ I’ll get from wells for the foreseeable future being above the midpoint..
Yeah wow they must really need the cash boost. Wonder what they’re planning to spend it on?
Another WF way to play with our money longer 🤦♀️
@e4 your maths aren’t mathing kid
@e4 actually this makes it easier to budget because your deposits will hit at the same time every month.
My wife is paid bi-monthly and it's far easier to plan.
Yeah, you might have to make some auto draft changes to line up but just once.
What stinks is the psychology of the 3rd paycheck months. Those always felt like a bonus even though it's the same amount in a year
This is annoying for anyone who automates expenses and savings
Before Wachovia it was bi-monthly. Non-exempt folks make sure you stay on top of your timecards - it’s very painful if you forget to submit your time.
@cj My manager got an email about it and shared the news yesterday. It’s legit.
I'm happy for this change, I remember when it was this way before. makes it much easier to budget because you get paid the same days each month give or take
24 pay periods was always better, so I'll be glad if this actually happens. Haven't heard a peep about it from a legit source though.
@b2 close enough but it's the 15th and last day of the month. If either falls on a weekend or holiday, then it would be the closest business day prior.
So the paydays will follow how the US Military does it...1st and 15th?
This slightly increases the float for the bank and allows it to earn more interest on funds before disbursing them to workers, as well as reducing processing expenses.
Not sure if this post is true. But if it is, that's why I come to this site. Occasionally something interesting is disclosed here ... before anything has been officially announced inside the bank. Now we wait ...
@a3 right, that was 2005 - and they also went to one week delayed pay - to accommodate payroll concerns surrounding non-exempt folks wanting quicker turnaround on their overtime pay, as I recall. It was a way for WF to su-k one week of pay from everyone.
Now I’m wondering if this new move may mean they’re su-king another week, or at least a few days going to a twice monthly schedule?
Per my manager, it is being announced this week to all salaried US employees. Effective January 2027. 24 pay periods versus 26 now. So, benefits costs per check will go up but so will your paycheck since your annual salary will be divided by 2 less checks.
Where did you hear this?
Because 15-20 years ago we were bi- monthly and they changed to bi-weekly.