Here's one from the "it helps to know a little math" department.
Background: in my school district, teachers are on either a 10-month or an 11-month pay cycle; for example, I get 11 paychecks per year with July being the only month in which I don't receive one. I'm sure there are myriad other employees who do not work every month of the year and hence don't receive a paycheck every month of the year.
Some employees would prefer to have the district hold back a little money each month and then receive 12 paychecks a year, hence the impetus behind the email we received yesterday:
(District) employees who work less than 12 months now have the option of signing up for the summer savings program opportunity. If you choose to participate, 1/11 (~0.9%) of your monthly net paycheck would be deducted (starting in August), and you’d then receive a paycheck for the following July of all prior summer savings withholdings.
That email went to thousands of employees.
4 comments:
Some years ago my district announced they were switching from an 11-month to a 10-month plan. One of the teachers who protested the most was a fellow math teacher. I was rather horrified. I'd like to believe the problem is not in doing the math but in the lack of self control to not touch the money they should be setting aside each month. The district went back to 11-month the next year.
My concern was that 1/ll = .9% rather than ~9.1%.
Oooh, right. I thought it was more about educators not being able to do the math themselves to save money for the off month. However little it might be if you save the money yourself YOU get the interest on the savings. Leaving to the district means THEY get the interest. Completely glossed over the calculation.
Take the deal before they figure out their error!!!
Ann in L.A.
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