Are you paid monthly or twice a month? I think the computation for a monthly pay is for 22 working days (obviously not all months will have 22 working days, some months will have more than 22 days, some less), so if you're paid monthly, Feb 29 has already been taken cared of, February having only 21 working days.
Thank you for your answer RajaJi but I don't think it is as simple as this. You do actually work 1 day more and I believe it should count as an extra day paid or off.
I googled some more and found this ...
http://logicalandtrue.wordpress.com/2008/02/29/make-leap-day-a-holiday/It's not official but I guess it all depends on what your employer thinks right? ( and how long your worked for someone or going to...)
What do other people think?