Wondering about the next pay date can be a hassle, especially if you have budgets to plan. When serving in the military, it’s best to know the pay dates to better prepare for how to save or spend your hard-earned money. Let us learn about “Military Pay Dates”
Usually, basic pay for active military members comes in twice a month: on the 1st and the 15th. The paycheck comes on the 15th of every new month, foregoing the work done from the beginning of the month, while the pay which comes in on the 1st of the new month is for work done from the 16th till month-end. Although, if the next pay date falls on a holiday or a weekend like Sunday and Saturday, you will probably receive your pay on Friday.
How Will I Be Paid?
Basic Pay, which is the name for the salary of an active military member, is automatically and electronically dispensed on the set dates on which they are to pay the members. Given that the rise in military wages reflects the increase in civilian salaries, each military member’s pay depends on the length of their service and their rank.
Who Is Eligible For Payment In The Military?
All active and enlisted military members are eligible to receive the basic pay that only comes in twice a month. Although grades ranked from E-1 to O-10, each respective payment is different from the other because of their years of service. It is necessary to understand where you rank in the military and how much your basic pay will be.
Types Of Military Pay
Although being an active member in the service to one’s country is as patriotic as the word gets, the military also honours each member for their time in service by paying them their due wages. It is essential to know where one falls on the military pay chart and the types of military pay to prepare your mindset and budget for the next pay date. There are five categories of military pay, which are:
Basic Pay: It is the formal salary fee of any service member in the military. All military members get basic pay. However, the payment amount differs depending on the rank and amount of years of service in the military. As with the civilians, military pay comes with taxes, except tax exemption is authorized in your country of service.
Special Pay: Special Pay is added to a member’s basic pay as requital for whatever tasks they are carrying out or the location of their service. It is an incentive pay based on field operations. This pay is not limited to only older service members; even new military members are eligible to receive special payments.
Military Retirement Pay: This ranks as one of the best benefits of military service, with medical benefits right besides it. Military retirements are safe from inflation that might occur by Cost of Living Adjustments (COLAs). There are a few options to choose from when planning to retire. However, they all depend on the number of years of service in the military.
Reserve and Guard Pay: This pay is lower than the basic pay and is given to the Air National Guard or the Army. The reserve pay is also known as drill pay because it is a compensation fee to the eligible military members participating in special training sessions.
Military Veteran Pay: All military veterans are qualified for various benefits. However, the problem lies in knowing the qualifications and how to place an application. Veterans receive pay benefits covering education, VA pensions, and disability payments.
2022 Military Pay Charts
Every military member must know the current year’s military pay charts to understand better the reason for the rise and fall of their monthly basic pay. Fortunately, 2022 saw a 2.7% increase compared to the 2021 charts.
How Soon Will The Pay Be Available?
Your paycheck should be available for withdrawal immediately when it is released to the banks on payday. However, the withdrawal date rests on your financial institution’s decision. Few banks and credit unions may not allow for withdrawal of your paycheck for a day or two after the military pay date.
How To Track My Pay and Benefits?
There are only two ways in which the military provides you with the ability to track your pay and benefits, and they are:
Leave and Earnings Statements (LES): This consists of the monthly pay information like paid federal taxes, gross pay, and gross pay. Also, it can track other benefits (like Family Separation Allowance (FSA) pay, Basic Allowance for Housing (BAH), Hazardous Duty Incentive Pay, Basic Allowance for Subsistence (BAS), and days of leave.
Net Pay Advice (NPA): The Net Pay Advice consists of your mid-month information if required.
Conclusion
Military pay dates can never be dubbed as inconsistent as there is a reliable pattern to which they follow; the 1st and 15th of every month. This includes every active member of the military forces namely: Navy Force, Coast Guard, Air Force, Army, Space Force, Marine Corps, Air National Guard, Public Health Service, and Army National Guard. It gives a sense of comfortability to those who are expecting their paychecks in order to plan their budgets. Some banks make the paychecks available for withdrawal as soon as the fees are dispensed so there is no delay in making those plans.
