MO2BW4MG - Monthly to BiWeekly for Management Group
Look for this acryonym on the Payroll Website, Facebook and Twitter for updates or information relating to the change in Management Group pay cycle. The change from monthly to biweekly pay will be effective July 1, 2013.
Employees in the Management Group will be paid June 18, 2013 for the full month of June. On July 11, 2013, Management Group employees will be paid for the five (5) days July 1 through 6, 2013.
Over the next few months explanations will be provided to aid you in understanding your bi-weekly gross pay and deductions.
Pension - Pensionable earnings are divided by 24 pay periods to calculate the bi-weekly pension deduction. Pension is deducted from 24 of the 26 bi-weekly pay periods per year.
WLU Annual Fund - The outstanding committment will be divided by the remaining pay periods in the committment. The Annual Fund is deducted every pay.
Canada Savings Bonds - The monthly deduction will be annualized and then divided by 26 pay periods to determine the bi-weekly deduction. Canada Savings Bonds are deducted every pay.