Definitions for overtime rate
over·time rate

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1. Overtime rate

   Overtime rate is a calculation of hours worked by a worker that exceed those hours defined for a standard workweek. This rate can have different meanings in different countries and jurisdictions, depending on how that jurisdiction's labor law defines overtime. In many jurisdictions, additional pay is mandated for certain classes of workers when this set number of hours is exceeded. In others, there is no concept of a standard workweek or analogous time period, and no additional pay for exceeding a set number of hours within that week. The overtime rate calculates the ratio between employee overtime with the regular hours in a specific time period. Even if the work is planned or scheduled, it can still be considered overtime if it exceeds what is considered the standard workweek in that jurisdiction. A high overtime rate is a good indicator of a temporary or permanent high workload, and can be a contentious issue in labor-management relations. It could result in a higher illness rate, lower safety rate, higher labor costs, and lower productivity.

WikidataRate this definition:0.0 / 0 votes

1. Overtime rate

   Overtime rate can have different meanings in different countries and jurisdictions. In some countries there is no concept of a standard working week, and no bonus pay for exceeding a set number of hours within that week. In other countries, bonus pay is mandated for certain classes of workers when a set number of hours is exceeded. In the United States a standard work week is considered to be 40 hours. Non-exempt workers must be paid at a wage rate of 150% of their regular hourly rate for hours that exceed 40 in a week. Note that the start of the pay week can be defined by the employer, and need not be a standard calendar week start. Many employees, especially shift workers in the US have some amount of overtime built into their schedules so that 24/7 coverage can be obtained. The overtime rate calculates the ratio between employee overtime with the regular hours in a specific time period. Even if the work is planned or scheduled, it can still be considered overtime if it exceeds what is considered the standard work week in that jurisdiction. A high overtime rate is a good indicator of a temporary or permanent high workload. It could result in a higher illness Rate, higher labor costs, and lower productivity.

How to pronounce overtime rate?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

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   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

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   South African

How to say overtime rate in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of overtime rate in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of overtime rate in Pythagorean Numerology is: 7

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Overtime_Rate
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=overtime rate