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> Why is it that if I work on a Monday, but you don't pay me until two weeks later, why do you get to hold the interest Because you signed the contract accepti
by op00to 5y ago
> Why is it that if I work on a Monday, but you don't pay me until two weeks later, why do you get to hold the interest
Because you signed the contract accepting that.
Because it’s your employers money first.
- teddyh 5y agoUnderrated comment. It’s not your money until the company pays you; you don’t get to count the interest on money that isn’t yet yours. If you are allowed to count like that, then why just count the two weeks? Why not claim the interest of an entire year’s salary as “yours”?
- SkittyDog 5y agoYour last sentence about an entire year's salary suggests that you may not understand the original commenter's point. I'll try to explain it. In the United States, employers generally issue paychecks for work performed in the preceding period of 1-2 weeks. So most employees are advancing their labor to their employers, on the promise that they will be eventually paid for that work, at the end of that pay period. The conceptual alternative has nothing to do with annual salary... It would look more like employers issuing daily paychecks, at the end of each workday. Or, employers would keep the pay period system, but pay employees an additional amount to compensate for the loan of their daily labor for the time until the next payday. Do you get it, now?
- teddyh 5y agoYou’re avoiding the first and main part of my point, though. It’s not your money until they pay you – therefore, you can’t count the interest as yours until then. If you want to be paid daily – sure, why not? Why not by the hour, or by the minute, even? But most people don’t want to be paid daily, and the “loss” of the miniscule interest is more than worth the hassle it would be for all involved to be paid so frequently in so small amounts. And if it’s not your money yet, it’s not your interest, either.
- drdec 5y agoI question the notion that most employees do not want to be paid daily. If I am being paid via direct deposit, there is no inconvenience for me to be paid daily. And certainly cash workers, aka day laborers, demand to be paid daily.
- teddyh 5y agoWon’t all the fees associated with transfer and withdrawal eat a substantial amount of your salary the more often you are paid?
- drdec 5y agoThere are no fees with direct deposit, at least from the employee's standpoint. In fact, receiving funds via direct deposit is something that usually causes the bank to waive account fees in the US.
- PascLeRasc 5y agoI don't understand why you keep claiming that someone else holding your money makes it theirs. Can you expand on this?
- teddyh 5y agoI don’t understand why you talk as if money which you haven’t yet been paid is somehow yours before you get it.
- drdec 5y agoOnce you have worked for a day, your employer owes you money. It is not an uncommon or foreign concept to charge interest on a debt that one is owed. That said, it would be unusual to apply that to wages. And many debts have grade periods during which interest is waived.
- 5y ago
- SkittyDog 5y agoHow many people do you know who could have negotiated anyrhing about their employment contract... Let alone asked for interest payments on there accursed daily wages? Are they even informed enough to be aware that said interest income even exists? The previous commenter raised a valid point: Most paycheck earners lack negotiating leverage, and employers exploit information asymmetry to extract as much value from workers as they can. Your reply seems unnecessarily dismissive and argumentative. If you disagree, you should try to address their comment more specifically.