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Saturday, April 17, 2021

On the Record: Why companies are starting their annual calendar year earlier

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With the jobs market strong and workers feeling more assured about their future paychecks, companies are beginning to speed up their annual, company-wide timetable to return to work earlier than they typically would.

The 5th of October is now the new January as far as a number of companies are concerned. (Firms are obliged to give three months’ notice for any changes in their business calendar.) For years, the longest possible gap before the start of a new year was a month, but it has crept up, the reasons for which vary.

Here are a few reasons why more businesses are starting their new fiscal year ahead of schedule and a few pros and cons to consider:

Pro: Spreading the money around.

The arrival of a new calendar year means employees will get an extra week of pay, just as they would in the new year. This additional money can make a world of difference for families.

Con: Forgoing vacation days.

When companies abruptly revert back to a new calendar year after a break, companies have to pay their employees for lost days of work. Labor experts say that the total number of vacation days that could be lost in a year, per worker, is minimal.

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