Eighty-Two Million Americans Have Experienced an Error in Pay

The U.S. Bureau of Labor Statistics estimates 152.08 million people are employed in America – as of January 2017. A study conducted by the Workforce Institute at Kronos reveals around 82 million of these gainfully employed citizens have experienced some type of error with a paycheck. Issues such as technology (or lack of), or employers failing to comply with federal laws, and employees simply missing a punch are factors behind the staggering number. For those living paycheck to paycheck, around 58% of Workforce’s survey respondents, this can cause serious headache. As unemployment lowers, employers are trying to retain employees more than ever - paying them their correct wages and making sure their employees understand their paystub are integral. What else did the survey reveal about paycheck errors? Here are some main takeaways:

• 26% of hourly workers have been paid too little, while 15% have been paid late, and 6% were overpaid.
• 15% of salaried employees have been paid too little, while 16% have been paid late, and 23% were paid early. Nine percent of salaried workers experienced a paycheck bounce.
• Freelance and contract employers generally are the toughest to pay correctly, with 20% being paid late, 20% being paid too little, and 16% reporting their money was deposited into the wrong bank account.
• Combined – hourly, salary, freelance at least 10.6 million workers have had bounced paychecks.

Other interesting facts:

• Almost 64 million Americans find their paystub confusing.
• Payroll (employer made or employee made) mistakes have forced 37% of Americans to make late payments on bills.
• Not everyone who is overpaid eagerly returns it – an average American worker reports needing to be paid at least $463 more on his or her paycheck to alert their employer.

Have you ever experienced a paycheck issue?