Author Topic: The great February 29th rip-off  (Read 2047 times)

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Philofacts

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The great February 29th rip-off
« on: February 27, 2012, 10:43:48 am »
Have you thought about how we get ripped off by the extra leap year day on February 29th?

If you are getting paid you lose.
Well for starters, all salaried staff work an extra day for nothing! 
The good news is that this leap year it is offset by the additional Bank holiday for the Queen's Diamond "Jamboree".
Those receiving private or firms pensions also lose out as these are based on an annual amount and paid monthly.
Those with savings on deposit lose a day's interest. All interest to savers is calculated on a monthly or annual basis.
So for the leap year extra day all the financial institutions have the use of saver's money for nothing, not that interest rates are that great at the moment anyway.

If you are the one paying them you win.
It is not all bad, on the plus side any annual or monthly membership subscriptions (for example Golf club, Gym etc) mean you get a day's membership for free.
You even get a free day's worth of Council Tax as this is also based on a monthly payment.

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