According to new research by the Institute of Payroll Professionals (IPP), one in six employees would not be able to afford the Christmas season, including parties and gift shopping, if they did not get paid earlier in December.
Nearly 80 per cent of employees said they would be receiving their December wages earlier in the month in time for Christmas. For the large section of the workforce that receives monthly salaries, it has become common practice for organisations to pay their staff during the third week of December because of the public holiday period.
Lindsay Melvin, Chief Executive of the IPP, said: “With many employees not receiving a Christmas bonus this year, being paid earlier in December brings financial relief to those who are already struggling in this tough economic climate.
“It comes as no surprise that one in six would not be able to afford to celebrate the Christmas season this year if it were not for companies giving staff their salaries earlier in the pay cycle.
“The IPP encourages employees to be aware of their expenditure this month and budget their money for six weeks instead of four, especially since the next pay day could be as late as the end of January