13th salary vs conventional 12 salaries

This thread was sparked by a recent post in the owning a house thread. So far, I had 2 employers in Switzerland. The first one paid the 13th salary and my last one engaged in the conventional 12 salary payout. Personally, I much prefer the conventional 12 salaries, as I have more control over what I can do with my money and don't feel the need for my employer to withhold any part of my salary. What is your take on the topic, please discuss.

Agree with LiB.

Additionally, for people that are taxed at source, the 13th month is disadvantageous because they pay more tax in the month of pay out.

From my professional, payroll point of view: just makes things more complex

For people who are chronically unable to save money, like my OH, a 13th is very useful.

I actually like the 'extra cash' at the end of the year, even if you know it's coming it's nice anyway!

Its all about the wording also:

There's a difference between having a 13th salary, and having your annual salary split in 13th.

I understood why the 2nd option exists, it's because it's only "offered" if the employee stay the entire year, meaning that if one leaves earlier, that person won't be entitled to the full 13th salary, only having a pro-rata per duration.

It's basically a way to lure you with a higher annual salary.

There are also complications for a la source people, depending on how it's calculated- At the very best case scenario, it's just confusing.

When I first started working here, our company had not 13, but 14, salary payments. In both December and April there was a double payment. I never did understand it, and it reduced to the more understandable 13, with just the xmas extra one, after a couple of years, and then some time later they dropped that one as well.

Always seemed like a daft idea, based on the assumption that people live from one month to the next on their pay packets and nothing else, whereas in reality most professional people in any event will have set aside enough for their annual tax, so would be able to use that as a temporary fund if xmas spending is really that much higher.

When I worked as a permie in the UK some decades ago it was not unusual to find companies using a 4-week accounting period, of which there were ~13 in the year, which I think was based on the earlier idea of weekly salaries, rather than annualised. It worked OK, but made monthly standing order payments more tricky.

But in this day and age does it really matter any more?

If I'm getting the same net amount, I much prefer evenly divided through the year (I would actually prefer it all in January, but that isn't realistic) - that way I get more money earlier. Less lost to opportunity costs.

In some places (don't know about Switzerland) there are/were 2 extras, one in the Summer holidays and another for Christmas. It is somewhat clear by the timing that this uneven division of the payout is to some extent meant as an incentive to increase consumption.

I think it would be better to give incentives for people to learn how to manage their finances without "artificially" withholding a part of their salary until the periods they are "supposed" to spend it. But maybe I am just cynical.

But then, this also happens a bit with taxation at source and tax returns...

When you get into the taxation system here which puts you at an effective higher tax rate if you receive money unevenly (assuming the same annual gross amount), then the 13th salary thing just seems strictly inferior - you get a smaller net amount, AND you get it later (so you lose also on opportunity costs).

i've known stinkingly rich people live month to month. i'd say most people are unable to really save/budget and quite a lot live well beyond their means and are heavily in debt.

me too! I love November <3

Even in Switzerland? I always got the impression that people here are allergic to debt and do everything they can to avoid it, except for perhaps a mortgage. Even cars are usually paid for with cash...or not?

the cases i was thinking of were in london.

Thumbs up for 13th salary here. Most of ours goes into our savings/holiday fund. I get all mine in November, my wife's is split June/November.

I know quite a lot of people that depend on the 13th salary and end of year bonus to pay their tax bill, not really something to look forward but a good safety net at the end of the year.

My bonus is being discretely secreted into my 2017 Lions Tour fund

I had 14 salaries too, an extra one in June and one in December. I take my salary as being what comes regularly, and the extra ones as "presents", maybe something that makes the holiday budget much lighter, or that makes christmas pass without the wallet feeling it. I save quite a bit each month anyway, so it doesn't matter much to me.

At this point in my life, I would never borrow money and my credit card bill is paid in full immediately.

Most of the swiss I work with kind of take the attitude that the 13th salary is their tax payment, or at least a good percentage of it. Kind of makes sense when you look at it like that.

This makes no difference, if you work for 6 months you will only receive half of your 13th month in any case. If your 13th salary is only paid out upon 1 year of working in that company, than its not your salary anymore, sounds more like a bonus. Additionally, what happens on the 2nd year?

As some people mentioned before, its more for a financial planning perspective, for me it doesn't make a difference as even if I do not receive a 13th salary, I set up an automatically monthly transfer to another account which I only use for tax purposes.

Regarding the taxes, I doubt it makes a difference. Your tax bracket is usually calculated on your yearly income, not on your monthly one. If you have a 13th salary you will have a month (or two) during the year were you will pay more in taxes; if you don't, tax will be spread evenly through out the year. Anyhow, you should file a tax return at the end of the year (even if you are taxed on the source), this is not mandatory if your earnings are less than 120K per year (might be wrong about the amount) but its good to do it because usually you get something back.

I've always done it that way here.

Tom

Personally I would rather 6 just salary payments all paid in the first 6 months of the year or ever better full annual salary paid in January.

makes a difference if the QS for the double months would be higher than spread evenly. and if you live in a low-tax gemeinde such that filing a tax return (if you are allowed) would lead to higher taxes.