2022 legal, banking holidays – plus, paid time off trends

It’s time to look ahead to 2022 and see how legal and banking holidays will affect you and your team.

That way, you can ensure you’ll have coverage for Payroll’s responsibilities, such as making tax deposits.

Plus, if you’ll need to adjust any paydays due to bank closures, you can get those dates locked in now.

12 holidays to note in 2022

Here’s what’s coming your way next year, so you can plan for IRS holidays (L) and Federal Reserve Bank holidays (B).

• Dec. 31 (Friday): Observation of New Year’s Day (L)
• Jan. 17 (Monday): MLK Jr. Day (LB)
• Feb. 21 (Monday): Presidents’ Day (LB)
• April 15 (Friday): Observation of DC Emancipation Day (L)
• May 30 (Monday): Memorial Day (LB)
• June 20 (Monday): Observation of Juneteenth (LB)
• July 4 (Monday): Independence Day (LB)
• Sept. 5 (Monday): Labor Day (LB)
• Oct. 10 (Monday): Columbus Day (LB)
• Nov. 11 (Friday): Veterans’ Day (LB)
• Nov. 24 (Thursday): Thanksgiving (LB)
• Dec. 26 (Monday): Observation of Christmas Day (LB)

Trends emerging from your peers

Of course, just because IRS and the banks close their doors on a certain day doesn’t mean all employers do.

That said, paid time off can be a great tool for attracting and retaining employees. So what are your peers offering in this regard?

According to the most recent data from the Bureau of Labor Statistics, 78% of civilian workers are being provided with paid holidays.

Among full-time workers, the rate is 88%. However, less than half (44%) of part-time workers receive paid time off on holidays.

Your peers get more (or less) generous depending on the job type:

• 95% of employees with management, business and financial occupations receive paid holidays
• 92% of both registered nurses and production workers enjoy this perk
• 91% of installation, maintenance and repair workers get this paycheck boost, and
• people in sales and related occupations don’t get to stop for these special breaks as often, with only 76% heading home with pay for the holidays.