Overtime Calculator
Steps: 1. Enter your Salary, 2. Enter Overtime Hours, 3. Click button Calculate Overtime.
One Hour Overtime Rate Calculations Formula used in above calculator:
One hour Overtime rate is calculated based on a major parameter: How to divide salary? As per current rule, there are 8 work hours for most of the most businesses and we use 365 days method to calculate in above overtime calculator.
One Hour OT Rate = ((Salary * 12) / 365) / 8
Description: Monthly Basic Salary multiplied by 12 months, divided by 365 days a year, divided by 8 hours.
Method 2 is absolutely perfect, however Method 1 is popular and in use widely.
Overtime payment compensation is different for Normal days as compare to working on Fridays or other public holidays.
Calculations for Normal Days Overtime Payment:
OT Payment = (One Hour OT Rate * 1.25) * Total OT Hours.
Example: [((Salary * 12) / 365) / 8) * 1.25] * OT Hours.
Calculations for Weekend Overtime Payment:
OT Payment = (One Hour OT Rate * 1.5) * Total OT Hours.
Example: [((Salary * 12) / 365) / 8) * 1.5] * OT Hours.
Calculations for Public Holidays Overtime Payment:
OT Payment = (One Hour OT Rate * 2.5) * Total OT Hours.
Example: [((Salary * 12) / 365) / 8) * 2.5] * OT Hours.
Do you want to calculate Overtime based on 30 days formula?
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