A pay period is the particular interval in which a business calculates and pays employee earnings or salaries. It is the period during which workers' working hours and associated remuneration are recorded, summarized, and processed for payroll reasons. Pay intervals vary depending on corporate rules, industry norms, and regulatory requirements.
Example
Assume a corporation has a biweekly pay cycle, which implies that employees are paid every two weeks. If the pay period begins on Monday, January 1st and finishes on Sunday, January 14th, workers' work hours and pertinent data will be collected. Payroll will then process and compute the wages payable to each employee based on the information entered. The payday may be the following Friday, January 19th, when employees receive their two-week salary.
