If you keep someone at work for this long, you should pay them at contract rates.
I would really like this as an option. If I wake up tomorrow and have no job, it would be neat if there were companies out there willing to pay me contracting rates for a few days, because it would let me pay my bills.
If I were paying a bunch of employees, I'd like to hold onto the money for a couple weeks before paying it out if only to mooch off of the small bank interest.
Your employees will rarely show up if they don't get paid and if they do they won't stick around for long. If you run a business and face a cash flow dilemma the easiest thing to not pay is yourself.
You’d probably have to go up the chain the other direction too.
Small companies that can’t afford to take payment +60 or +90 probably won’t have the liquidity to do +30 either, so if they have to pay people daily instead of every two weeks will probably struggle.
I know my employer stiffs paying bills, well past net 30, so I can see others doing it. The worst you have to do is pay back-rent. Nothing to lose. In fact, better to delay it and take advantage of the bailout money that can be used for rent and payroll.
Would it help if you could choose your pay schedule on your payroll system?
I don't see why you shouldn't be able to leave your money to accumulate and eventually sent out automatically in lump-sump at the end of the month to pay bills at your convenience.
It's not like they have heaps of cash, they'd do work for their clients or supply their customers, issuing the bill for hours worked/items delivered at the end of the month, and the bill might have a term like "payable within 30 days". So the companies would have to have some cash to pay their employees in the month where they're waiting for their customers' money.
In fact IIRC this was the big worry during the 2008 crash, if the banks were worried companies would grind to a halt and not pay their suppliers, why should the bank give out loans to said suppliers...
I wonder why we don't have pay-as-you go for income. There is no particular reason we couldn't pay people at the end of every day just as easily as every two weeks or once a month.
Generally your employer isn't going anywhere, and if a paycheck bounces, you will see them the next day and raise the issue (also, they are legally bound to make good on that debt). I wouldn't take a one-time contract job and expect to get paid by check after handing over the work, any more than I would accept a check from a Craigslist user in exchange for an item (unless the check was allowed to clear prior to my side of the exchange occurring).
It’s great that you’re finding a way to pay people quicker that’s less bad than payday loans!
What stops employers from paying wages more often right now? When I worked in the US, some places would pay you every two weeks. With instant bank transfers, couldn’t that frequency go down to weekly or daily, without the need for a middleman?
Upfront, I normally am not for legislation. However one thing that's been on my mind lately has been the lag between work and getting paid for that work. Even for regular employees. The days of being paid 1x / 2x per month, IMO, stem from when we had to cut a corporate check to pay someone. A check sometimes meant two signatures required. This was massive overhead and thus we wanted to batch them and do them as infrequently as possible.
Today payments are easily automated and extremely inexpensive.
I see little reason one couldnt be paid at the end of a work day or even more continuously such as per calendar day or what have you (ie there are ~22 work days per month, but ~30 calendar days) ... I could see a good pro labour legislation being to get paid daily for companies with automatic deposit or over size X.
Things like payday loans wouldnt make as much sense if you've already been paid 14/15ths of your pay up to that point and you're going to get the last 1/15th within 24 hours.
Whats a good pay alternative that isn't LogMeIn? I find this 7 day notice disgusting and simply a tactic to make the existing user pay without giving them much time to find an alternative.
You said it! Contractors have it worse. You typically get paid net-60, you're actually working for a quarter for nothing and hoping the company is still solvent to pay you. E.g. start working Jan 1st; bill for the month on Jan 31st. Net-60 means getting paid for that April 1st. You work 90 days on hope.
Additionally, salaries are usually paid in arrears, which means you already did the work when payday comes so if it does not and you keep on working you're actually going deeper into the red.
I would really like this as an option. If I wake up tomorrow and have no job, it would be neat if there were companies out there willing to pay me contracting rates for a few days, because it would let me pay my bills.
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