I got an email from my Human Resources Department today advising that based on our pay schedule, we will get 27 paychecks in 2008 instead of 26. Based on the way our pay schedule of getting paid every other Thursday, we usually get paid 3 times 2 months out of the year. The first 3 paycheck month will be January 2008.
In order to make everything work out, they will not deduct the amount of our benefits (medical, dental and vision) from the first paycheck in 2008. This will not be a huge amount as my benefits only add up to about $50 a month.
One of the bad things is that I will not get anymore earned time off. Our earned time off is credited per paycheck based on your tenure with the company. I currently get 17 days off per year. This will not be included in the first paycheck but will continue with my subsequent paychecks.
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Good news is that if you budget monthly you will have 3, 3-pay check months. Even though the chacks will go to maintainence bill you should have extra to move into debt savings on those periods!