When You Receive Your First Salary From a Company, Check It for Inaccuracies
Getting your first paycheck in a new job is great. Before you get too tempted to go and spend it, take this opportunity to check it out for problems sooner rather than later.
As Business Site Inc. points out, the first paycheck after you start a new job – or get a new position, or the company dramatically changes the way payroll is calculated – is the perfect time to spot mistakes. This is not only the time when mistakes are most likely to occur, but by finding them now, you can save yourself a lot of hassle later on:
Surprisingly, HR and payroll specialists are actually human and make mistakes from time to time. Make sure the rate you get paid is the same as in your offer letter. If this is not the case, then present them to their attention on the same day – even if it will be more expensive. Why? Because if this is more than what is stated in your offer letter, they may demand that you return it. If it’s cheaper, you’re (accidentally) cheated. It is very easy to fix a salary error on one salary. It’s not easy if you don’t notice until you get your tax filings next year, or even late. Yes, people sometimes don’t notice mistakes for years, and by that time it’s already a huge mess.
Don’t just check your salary. Inc. also suggests checking your deductions. If a portion of your paycheck is deducted monthly for benefits such as a retirement plan or health insurance, make sure those deductions are valid and accurate. Otherwise, you may have to wait months before signing up for benefits if you don’t notice the mistake later.