For the convenience of its employees, LOYOLA automatically deposits employee’s net wages into
their bank account on a semi-monthly basis. There are twenty-four (24) pay periods per year.
Pay periods are from the 1st through the 15th and the 16th through the last day of the month.
Employees are paid on the 15th and the last day of each month.
If the normal payday falls on a Saturday, the paychecks will be deposited into the employee’s
bank account on the preceding Friday. If the normal payday falls on a Sunday, the paycheck will
be deposited into the employee’s bank account on the following Monday.
If the normal payday falls on a Company recognized holiday, paychecks will be deposited into the
employee’s bank account the day following the holiday.
There are some select positions in the Company that pay commission on top of the employee’s
base salary. Commission payment dates vary based on department. The employee must refer to
his/her offer letter of employment for commission payment breakdown.
Only under the gravest circumstances will the Company release any paychecks prior to the
aforementioned schedule. In the event of an emergency such as an accident, catastrophic
illness, or some other compelling misfortune, and the employee can prove there is not adequate
financial resources of their own to handle the emergency, the President may be asked (through
supervisory channels) to approve a payroll advance.
Statement of Earnings
A statement of earnings is distributed each pay period to employees indicating:
- Gross Pay
- Net Pay
- Statutory Deductions
- Voluntary Deductions
The amount of federal withholding is affected by the number of exemptions claimed on Form
W-4 “Employee’s Withholding Allowance Certificate.” If an employee’s marital status changes or
the number of exemptions previously claimed increases or decreases, a new Form W-4 must be
submitted to the Human Resources Department.
Error in Paycheck
If a salary discrepancy is noted that impacts an employee’s net pay, the Accounting Department
will work out a mutually agreeable solution with the employee in order to ensure the error does
not cause a financial burden. Non-salary discrepancies will be corrected as soon as
administratively feasible.
LOYOLA relies on the personal integrity of each employee to report overpayments as well as underpayments.
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