What "pay period" means in finance

A pay period is a designated period of time during which an employer calculates and pays employee wages or salaries. The pay period can be weekly, bi-weekly, semi-monthly or monthly, and is typically determined by the employer's payroll policies. The pay period typically covers a specific range of dates, such as from the 1st to the 15th of the month or from the 16th to the end of the month. During this time, employees work and earn wages or salaries, which are then processed and paid by the employer at the end of the pay period.