We normally get paid on the 15th of each month - therefore process pays on the 14th.
We have been advised by our ANZ bank that processing will still be done as per normal on the 14th June ( Queens birthday holiday ) for funds to be available by the 15th.
Do we have any legal obligations to pay for example on the Friday 11th June?
If the bank is still processing on the 14th, is this ok?
We generally pay on the Friday -however my boss is looking at it from a legal perspective.... yes i know....if it was my decision i would pay on the Friday....
But unfortunately not my call.
It doesn't matter so much on when the ANZ will process, the main hold up for employees is those that have EFT transfers to the smaller credit unions and building societies.
You run the risk of one of these being closed on the Monday, and when they open on the Tuesday they may take until part way through the day to allocate the funds to the correct account. If this happens then those employees will not have access to their accounts on the 15th technically which could be in breach of their individual contracts or some other award. It gets even more interesting when these same employees set up their direct debits for the mortgage on the same day, the direct debit is done at the start of the business day, and the funds don't clear until later in the day. The employee will be guarenteed to take any frustration out on the employer before they will on the banks involved, with likely demand to pay their default fee.
I've would err on the side of caution and send it on the 11th in this case.
Pay Day - Queens Birthday Holiday Vic
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