Something I picked up on a few months ago, bear with me as I try explain as best I can...
The company where I have worked for the last 7 years is paying me my monthly wage as follows...
Hourly wage multiplied by my contracted hours for the week then multiplied by 52 (weeks in a year) then that amount is divided by 12 for my monthly wage.
There's 7 days in a week 52 weeks in a year, right?
BUT theres 365 days in a calendar year and 366 in a leap year...
365 days into 52 weeks doesn't fit... theres actually 52 weeks AND 1 day per calendar year and 52 weeks and 2 days per leap year.
So I've realised I am actually LOOSING a days pay each year I work for this company, as every year i'm paid for is only 52 weeks.
So I'm looking for feedback - Am I right or completely misguided? If I am right what can I do about it?
Are any of you paid the same way - weekly wage multiplied by 52 weeks and divided by 12 for the months?
Are any of you paid this way - weekly wage multiplied by 52.18 (takes into account the extra day) and then divided by twelve months?
Feedback on this really will be hugely appreciated, I'd to know where I stand before I start kicking up a fuss, I'm not talking a huge diference in my pay if I'm right , but its the principle :p