Pay Period

A pay period is a division of time over which an amount of pay will be calculated for an employee. Employees can be paid daily, weekly and monthly. It is also possible to pay an employee annually although this is not typical.

Payments relating to a pay period are usually made some time after the last date in the pay period. This allows time for a company to process all the necessary information. In some cases, overtime and other bonuses may be paid in arrears due to the complexity of accumulating the necessary information. Time and attendance systems can help make this type of processing more efficient.

Employees or their managers may be required to complete and submit time sheets relating to a pay period before payments can be made. Employee self service systems can help manage this process.