There are many employees that wait for their payslips every month. The reason is that they make calculations on the bases of that. That also helps them in checking whether there is any miscalculation or not. For the same reasons payslip should be issued on time.
Payslips issuance on time is a moral right of the employee. For the same reasons good employers are always in habit of issuing payslips on proper time. In return they get good results from employees.