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Read how we do ItA pay period is the interval of time over which an employee's pay is calculated and disbursed. It is the time frame between two consecutive payroll cycles. For example, a bi-weekly pay period would mean an employee is paid every other week, and a monthly pay period would mean an employee is paid once a month. The specific pay period for an employee can depend on their employer's policies, the laws of the country, and the employment agreement between the employer and employee.