UPDATE: Employees in Illinois now have the option to receive their pay through payroll cards. Governor Pat Quinn officially signed into law today a bill that allows employers to offer the popular, but scrutinized form of payment on a voluntary basis. [More]
If your employer pays you every other week, there are 26 pay periods per year. Ten months are boring two-paycheck months, in which every penny of your meager paycheck is most likely accounted for. But two months, including — for many wage slaves, this one — are wondrous, three-paycheck extravaganzas, creating the illusion that you’ve got a whole extra paycheck to blow on whatever you like, unencumbered by the usual bills. [More]
Katy is a poster child for the benefits of direct deposit, as well as deposit receipt-keeping.
Walmart, our nation’s largest employer, has eliminated paper paychecks. Now employees can choose to sign up for direct deposit or have their wages added to a pre-paid debit card. ABCNews says that only about half of Walmart’s employees use direct deposit — the rest either prefer a paper paycheck or, in some cases, don’t have a bank account.
Remember our post on student loan debit cards? The cards are pitched as a great convenience, or less expensive to distribute than paper checks, or more secure, when in reality they’re germy with hidden fees that slowly nickel and dime your balance. Turns out, GameStop uses a similar system to pay its employees.
Let’s say you run a toy company. Your retarding poison toys earn you a well-deserved public flogging, which you escape by scapegoating Chinese workers. The media doesn’t realize, until it’s too late, that the real culprits are the dangerous domestic designers you employ. Sales inch up marginally. Do you deserve $12.2 million, a 68% raise? Mattel’s Board of Directors thinks so!
Nicholas wrote in with a scary problem: his paycheck, which he deposited at his local branch of PNC on Saturday, never showed up in his bank account. The teller seemed to have difficulty processing the deposit, but the slip he gave to Nicholas showed the check had been processed.
Members of the House Financial Services Committee, led by Rep. Barney Frank (D., Mass.), approved a bill last week that would give shareholders an advisory vote on pay.