BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

FINANCIAL MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Pay for work beyond 40 hours in a work week is called ____
A
net pay
B
gross pay
C
overtime pay
Explanation: 

Detailed explanation-1: -Under Section 28 & 29 of the Act, it is mentioned that worker who is working overtime will be paid Overtime wages at the rate of twice the ordinary rate of wages.

Detailed explanation-2: -Overtime refers to any hours worked by an employee that exceed their normally scheduled working hours. While a generalized overtime definition refers simply to those hours worked outside of the standard working schedule, overtime commonly refers concurrently to the employee’s remunerations of such work.

Detailed explanation-3: -Minimum Wages Act, 1948 According to Section 33, workers who work overtime must be paid at a rate that is double their regular rates of pay. It states that the employer may accept actual work up to a maximum of 9 hours every 12-hour shift on any given day.

Detailed explanation-4: -Overtime pay refers to the compensation you receive for working beyond normal working hours. For example, if you’re eligible to receive overtime pay and your standard workweek is 40 hours, working 50 hours in a given week means you can earn overtime pay for those 10 extra hours.

Detailed explanation-5: -For most companies, 30 hours to 35 hours per week is considered to be part-time.

There is 1 question to complete.