People arriving at work today concerned they won't be getting any additional pay for the additional day in the calendar this year shouldn't be worried.
The concept that February 29 is a day salaried workers go without pay is based around the thought most salaries are calculated on a 365-day year.
Time Money magazine reported that most workers paid on a salary are paid fortnightly, and the pay for a leap year is calculated as 14/366 days. That is a fractionally smaller amount than 14/365 in a regular year.
For workers who are paid fortnightly, 2015 was a "payroll leap year" since it had 27 pay periods instead of the usual 26. Whether this resulted in actual extra pay for you depended on whether your company chose to divide your salary over 26 or 27 pay periods, Time Money reported.
It's a different story if you are paid wages by the hour. Today is an extra workday with extra earnings, so your income for the year increases by one day's pay.
