Overtime Rate Calculation Sample Clauses

The Overtime Rate Calculation clause defines how employees are compensated for hours worked beyond their standard work schedule. Typically, this clause specifies the rate at which overtime is paid, such as one and a half times the regular hourly wage, and may outline which hours or days qualify as overtime (for example, hours worked over 40 in a week or work performed on holidays). Its core function is to ensure fair and transparent compensation for extra work, preventing disputes and clarifying employer obligations regarding overtime pay.
Overtime Rate Calculation. Overtime rates will be calculated using hourly rates established in Article 11. Shift or standby premiums will not form part of the hourly rate calculations for overtime purposes. Overtime will be calculated to the next highest fifteen (15) minutes, however, the minimum overtime pay for any overtime worked shall be one-half hour.
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Overtime Rate Calculation. Overtime rates will be calculated using the salary schedule as set out in Appendix "A". Any premiums contained in this agreement will not form part of the calculation for overtime purposes.
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Overtime Rate Calculation. Overtime rate for all employees, except the thirty (30) hour Cook, will be computed on the basis of two thousand eighty (2,080) hours per year. The overtime rate for the thirty (30) hour Cook will be computed on the basis of one thousand five hundred sixty (1,560) hours per year.
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Overtime Rate Calculation. Overtime rates will be calculated using the salary schedule as set out in Appendix “A”. Any premiums contained in this agreement will not form part of the calculation for overtime purposes. The parties recognize that there should be reasonable give and take between the employees and the Association and therefore employees will not claim for daily overtime which is fifteen (15) minutes or less. Overtime in excess of fifteen (15) minutes will be rounded up or down to the nearest half hour.
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Overtime Rate Calculation. Currently, Holiday Pay is NOT included in the calculation of the overtime rate of pay. • Effective upon ratification, Holiday Pay will be included in the calculation of the overtime rate of pay. • This will result in an increase in your overtime rate of pay.
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Related to Overtime Rate Calculation

  • Overtime Rate In accordance with the applicable wage and hour laws, the overtime rate will be one and one-half (1-1/2) of an employee’s regular rate of pay. The regular rate of pay will not include any allowable exclusions.

  • Overtime Rates All overtime hours shall be compensated at the rate of time and one- half (1-1/2).

  • Calculation of Overtime If the overtime work has been carried out before as well as after the regular working hours during a certain day, the overtime periods shall be added together. Only full half hours are included in the calculation.

  • Interest Calculation Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding principal balance.

  • Interest Calculations Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest hereunder will be paid to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note (the “Note Register”).