Dear All,
Please share your knowledge regarding the calculation of Overtime rate for Monthly paid employee.
(Amounts in INR)
Monthly Basic Pay - 5000
Monthly D.A. - 3000
Month - October
What will be the overtime rate?
1) (((5000+3000)/31)/8)*2 = 65 OR - (here 31 means no. of days in October)
2) (((5000+3000)/26)/8)*2 = 77 OR - (here 26 means common working days in a month)
3) ((5000+3000)/200)*2 = 80 (here 200 means 25 days x 8 hrs)
The above calculations are based on various posting on this site and also in other sites regarding OT Rate calculation.
Therefore, to put an end to this issue, please share your expert views with supporting Rule or Act or Notifications or Judgements etc.(if any) on how to calculate Overtime Rate for Monthly paid employee.
Regards to all members,
Tony
Please share your knowledge regarding the calculation of Overtime rate for Monthly paid employee.
(Amounts in INR)
Monthly Basic Pay - 5000
Monthly D.A. - 3000
Month - October
What will be the overtime rate?
1) (((5000+3000)/31)/8)*2 = 65 OR - (here 31 means no. of days in October)
2) (((5000+3000)/26)/8)*2 = 77 OR - (here 26 means common working days in a month)
3) ((5000+3000)/200)*2 = 80 (here 200 means 25 days x 8 hrs)
The above calculations are based on various posting on this site and also in other sites regarding OT Rate calculation.
Therefore, to put an end to this issue, please share your expert views with supporting Rule or Act or Notifications or Judgements etc.(if any) on how to calculate Overtime Rate for Monthly paid employee.
Regards to all members,
Tony