Potential Delay in Wages for Bridge of Ascension Workers?
Salary Transfers Remain Unaffected During Ascension Weekend
Many individuals are looking forward to a tranquil escape during the upcoming Ascension weekend, either in the countryside or by the water. Regardless of whether the destination is a family visit or a much-needed break from the city, the anticipated relaxation may not involve excessive financial planning. This relaxation is possible as long as the much-needed salary arrives on time.
Typically, public holidays towards the end of a month can cause disruptions in salary payments, thereby delaying bank transfers. However, this will not be the case for Ascension Day, falling on Thursday, May 29, as the European banking system "Target2" will remain operational, as reported by RMC Consumption.
Salary Changes: What's New?
Unlike some holidays, such as Easter weekend, Ascension Day is not included in Target2's closure calendar. Consequently, transfers initiated on Wednesday, May 28, will be executed without complications the following day. Therefore, those who receive their salary at the end of the month can enjoy the extended weekend without unnecessary financial concerns.
In contrast, transfers were temporarily suspended during the Easter weekend due to the system's closure on Good Friday and Easter Monday. The next significant delay in transfers will occur during the Christmas holiday, with banks closed on December 25 and December 26, and transfers only resuming on December 29.
A Comparative Analysis of Holiday Effects on Bank Transfers
Various holidays in Europe can impact bank transfers. While Ascension Day, Pentecost Monday, National Days, Assumption Day, and Easter weekend may cause delays, the extent of the delay depends on the number of consecutive days off. Regular SEPA payments, usually completed within one business day, may be processed on the next working day during these holidays. Easter weekend often results in longer delays due to consecutive days off, while Christmas typically leads to the longest delays due to the extended holiday period.
In conclusion, Ascension Day will not cause bank transfer disruptions, allowing individuals to enjoy their well-deserved break without worrying about their salary. It is essential to plan accordingly for other holidays that may cause delays, such as Easter and Christmas.
Personal-finance planning might be minimal during the Ascension weekend, as salary transfers remain unaffected for those getting paid at the end of the month. This is in contrast to holidays like Easter weekend, where transfers were temporarily suspended due to the system's closure, causing financial concerns for some individuals.
