Monthly or Weekly Wages?

[Byte]

Hi,

I am new to contracting and would be going with an umbrella company soon. I see many umbrella's provide option of Weekly and Monthly wages. What do you currently find useful?

[northernladuk]

Surely this is a completely personal question and the answer is dependant on your circumstances alone?

Can you be bothered with the constant hassle of all the extra work monitoring and checking weekly pay instead of monthly.

Can you budget well enough to get paid once a month or do you need your cash there and then every week? How are your bills set up, monthly/weekly.

Do you just like seeing the cash there every week?

Bearing in mind all proffesional staff get paid monthly I can't see why you can't bring your heard around to it as well, again bearing in mind most bills/direct debits and so on are all monthly, surely budgetting would be easir.

At the end of the day its down to what YOU want to do.

Hope that helps.

[PhilAtBFCA]

I think this answer really depends on what you need.

If you need the money weekly, then its best to be weekly.

But that means weekly timesheets,expenses and a higher fee on an annual basis.

Monthly fees tend to be lower on an annual basis than weekly.

Phil

[VectraMan]

When I was with Parasol a few years back, they'd pay me whenever the agent paid them. In other words it's up to the agent, nothing really to do with the umbrella.

But some may operate differently. Personally I think whatever option limits your exposure to agent or umbrella going bust is best. I've always managed to be paid weekly by agents (except for the direct contract I did and the client went bust owing me a month's worth ).

[Byte]

Thank you all for the reply. This is helpful. I would prefer monthly wages.

[spig]

Hi,

I am new to contracting and would be going with an umbrella company soon. I see many umbrella's provide option of Weekly and Monthly wages. What do you currently find useful?

You don't have to bill every week and do timesheets every week if you choose the weekly option. I took the weekly option so I had the flexiblity to bill whenever I liked rather than waiting until the end of the month. Sometimes I'd bill for just a couple of weeks, sometimes 6 or 7. If you have lots of cash and don't need the money take the monthly option and save the extra fees.

[TriggerHippy]

It's always weekly for me .... it's one way of limiting your exposure in case the umbrella co goes bust

[ratewhore]

I would prefer monthly wages.

Why bloody ask then?

[Byte]

Well, I asked because I wanted to know. Based on opinions given by members for my query, I preferred monthly wage.
I apologise if I was not descriptive enough when I said I prefer monthly wage.

[TykeMerc]

It's always weekly for me .... it's one way of limiting your exposure in case the umbrella co goes bust

Plus it can show up Agency financial problems earlier.

The agency contract is a primary driver on how often an umbrella will pay.