When an employee is paid semi-monthly, he receives 24 paychecks each year. In this case, the employee is paid twice each month. Semi-monthly paychecks are usually paid out on either the first day of the month and the 15th, or the 15th and the last day of the month.
Semi-monthly pay is slightly different from bi-weekly pay, as there are 26 paychecks each year with the latter. This is because employees are paid every two weeks on a particular day of the week, rather than on a specific date. Whichever payment period is followed, federal and state laws require employers to pay workers in regular intervals. Salaried employees are not eligible for overtime pay and so they receive the same wage twice a month.