What is a settlement period?
The expression settlement period is often used in association with payment of prepayment deductions and employer’s contributions. There are six settlement periods a year.
Each period is two months long:
- January-February,
- March-April,
- May-June,
- July-August,
- September-October and
- November-December.
The settlement periods also determine payment deadlines. Settlement periods are also called instalments.