Allowances for working on a Saturday, Sunday or on a Public holiday - how much an employee is entitled to be paid?

Hello HR's, Can somebody help me with your inputs based on my below query on working on weekends and public holidays?
I work for an IT company where Monday to Friday is the working days.

I would like to know how much an employee is entitled to be paid if he/she works on a Saturday, Sunday or on a Public holiday.
Kindly guide on this as we need to create a policy on the same.

Those employees required to work on weekly holidays or public holidays should be paid at overtime rate of wages applicable to the establishment. If such a public holiday is a national or festival holiday, the payment shall be according to the statutory provisions/rules applicable.

Thank You Umakanthan. Can the overtime rate be fixed by the employer? or should we follow the labour law rules here?

The overtime has to be paid at twice of the gross wages (not twice of basic and DA). The company is free to fix a higher overtime but not lower.

Any agreement or contract to pay OT at lower rates is invalid ab-initio, so the company will be liable to pay the differential wages and penalty on the same.