Currency
Regular Earnings: $
Overtime Earnings: $
Total Earnings with Overtime Pay: $
This is a over time pay calculator. It is also called Time and a Half Calculator. It calculates the over time pay for the given hours worked and the hourly rate.
You have to enter your regular wage, the numbers of hours worked, numbers of hours you worked over time, and your multiplier (1.5, 2, 2.5) according to your company's policy.
This calculator will calculate your over time pay and total pay for the given hours worked.
Over Time pay, also known as Time and a Half Pay, is the pay for the extra hours worked by an employee (other than the regular working hours). There are different rates for over time pay in different countries, industries, professions and main importantly companies.
There are also different rates according to the occasion and time of day. For example, over time for holidays are night shifts are generally higher than the regular over time pay.
To calculate your over time pay. Just folow these simple steps:
To calculate the over time pay, the formula is:
Pay = Regular Wage * Regular Hours + (Regular Wage * Multiplier * Over Time Hours)
The standard over time rate is 1.5 for additional hours worked. But it differs from company to company. The last company I worked in payed 2.5 times the regular wage for over time hours.
Some companies do have policy for double over time rate. In this case, the multiplier will be 2. The formula will be:
Pay = Regular Wage * Regular Hours + (Regular Wage * 2 * Over Time Hours)
Here are some over time rates and work hours thresholds for over time pay in different countries:
Over time rates across industries like IT, Constructions, Manufacturing, Healthcare, Retail, etc are all similar.
Its mostly 1.5x multiplier after working 40 hours in a week. But again, companies policies may differ.
According to my research from different governmental sites, the over time rates for weekends, night shifts are generally 1.5 times than regular wage. However, for holidays, the rates are double or even triple than regular wage.
Its because during holidays, people are sacrificing their family time and working, so companies appreciate that by paying twice or even thrice than regular wages.