ECONOMICS

Detailed explanation-1: -Premium Overtime Rate of pay equal to time-and-one-half of the employee’s regular rate of pay. In most cases, this rate of pay is applied to hours worked in excess of 40 hours in a workweek.

Detailed explanation-2: -Your workers are paid for all hours worked at their standard rates under Regular Earnings. But any hours that are considered Overtime Earnings get an Overtime Premium–this makes up the . 5 of the 1.5 rate of pay.

Detailed explanation-3: -The compensation for overtime work is twice the regular rate of his ordinary pay (200% of the regular wage rate).

Detailed explanation-4: -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.