Estimating Practice Exam

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What is the term for the extra payment given to employees for working beyond the standard time?

Overtime premium
Bonus pay
Commission
Holiday pay

The correct answer is: Overtime premium

The term for the extra payment given to employees for working beyond the standard time is the overtime premium. This payment is typically calculated at a higher rate than the employee's regular hourly wage to compensate for the additional hours worked. Overtime pay is mandated by labor laws in many regions to ensure that employees are fairly compensated for their extra effort and time spent on the job, promoting work-life balance and discouraging excessive working hours without proper compensation. Bonus pay generally refers to additional compensation based on performance or achieving certain targets, rather than time worked. Commission is a payment based on the sales made by an employee, usually in sales positions, and is not related to extra hours. Holiday pay typically refers to pay provided for time off on designated holidays, rather than for additional hours worked beyond the standard work schedule.