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Leap Year Pay Explained

LeapYearPayLP

FY 2016 is a Leap Year
(July 1, 2015 – June 30, 2016)

A year has 365 days. A leap year has 366 days. Annual salaries
are authorized on a Fiscal Year basis (not a calendar year).

When calculating bi-weekly pay amounts, the state takes your
authorized annual salary and divides it by either 26.071428 for
a non-leap year (365 days divided by 14 work days per cycle)
or 26.142857 for a leap year (366 days divided by 14 work days per cycle).

Leap years always produce a slightly reduced bi-weekly payment
because of the larger 26.142857 factor being used. Your annual pay,
however, is still the same in a regular year or a leap year.

Example

If your annual salary is $45,000.00 in a:
+Non-Leap Year – $45,000 / 26.071428 = $1,726.03 per pay period.
+Leap Year – $45,000 / 26.142857 = $1,721.31 per pay period.

Although your bi-weekly pay is lower because of the extra day,
your annual pay remains the same – so in this example you
would earn $45,000.00 both in a regular year and a leap year.

Source

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