Premium pay definition

Premium pay. Per the statute, recipients have broad latitude to designate critical infrastructure sectors and make grants to third-party employers for the purpose of providing premium pay or otherwise respond to essential workers. While the interim final rule generally preserves the flexibility in the statute, it does add a requirement that recipients give written justification in the case that premium pay would increase a worker’s annual pay above a certain threshold. To set this threshold, Treasury analyzed data Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Rules and Regulations 26817 from the Bureau of Labor Statistics to determine a level that would not require further justification for premium pay to the vast majority of essential workers, while requiring higher scrutiny for provision of premium pay to higher- earners who, even without premium pay, would likely have greater personal financial resources to cope with the effects of the pandemic. Treasury believes the threshold in the interim final rule strikes the appropriate balance between preserving flexibility and helping encourage use of these resources to help those in greatest need. The interim final rule also requires that eligible workers have regular in-person interactions or regular physical handling of items that were also handled by others. This requirement will also help encourage use of financial resources for those who have endured the heightened risk of performing essential work.

Premium pay means overtime pay and shift differential pay that is Earned during the relevant time period, but that is not a part of the Participant’s Base Compensation or Incentive Compensation.

Premium pay means additional compensation owed to a designated worker that is separate from hiring entity payments for providing services, bonuses, and commissions, as well as tips earned from customers.

Examples of Premium pay in a sentence

• Premium pay shall be included in the computing of paid holidays, vacations and sick leave pay.

• Premium pay will also be paid to regular part-time employees on the same basis as full-time employees except that when premium pay is paid on a biweekly or monthly rate, that rate will be paid to part-time employees on a pro rata basis.

• Any employee who works twenty-eight (28) hours per week or more and is required to work after 6:00 p.m., when their work location is open for business, shall be paid a premium of seventy (70¢) cents per hour for all such hours worked after 6:00 p.m. Premium pay for evening shopping shall not be added to an employee's hourly rate for the purpose of computing overtime.

• Premium pay of time and one half (1 ½) the employee’s regular rate of pay will be paid on the sixth consecutive day worked, and each subsequent consecutive day worked, following five (5) consecutive days already worked, unless waived by mutual agreement (this exclusion includes employees working a regular 8/80 schedule).

• Premium pay for acting status is not to be compounded or pyramided with overtime or any other form of premium pay.

More Definitions of Premium pay

Premium pay. Per the statute, recipients have broad latitude to designate critical infrastructure sectors and make grants to third-party employers for the purpose of providing premium pay or otherwise respond to essential workers. While the interim final rule generally preserves the flexibility in the statute, it does add a requirement that recipients give written justification in the case that premium pay would increase a worker’s annual pay above a certain threshold. To set this threshold, Treasury analyzed data from the Bureau of Labor Statistics to determine a level that would not require further justification for premium pay to the vast majority of essential workers, while requiring higher scrutiny for provision of premium pay to higher- earners who, even without premium pay, would likely have greater personal financial resources to cope with the effects of the pandemic. Treasury believes the threshold in the interim final rule strikes the appropriate balance between preserving flexibility and helping encourage use of these resources to help those in greatest need. The interim final rule also requires that eligible workers have regular in-person interactions or regular physical handling of items that were also handled by others. This requirement will also help encourage use of financial resources for those who have endured the heightened risk of performing essential work.

Premium pay means an employee’s entitlement for working on a public holiday as described in subsection 24 (2); (“salaire majoré”)

Premium pay means a percentage of a temporary worker’s straight- time hourly rate of pay provided as compensation in lieu of fringe benefits.

Premium pay means a schedule change premium required, pursuant to Section 20-1222 of the Fair Workweek Law or the payment a fast food employer is required to pay to a fast food employee who works a “clopening”, pursuant to Section 20-1231 of the Fair Workweek Law.

Premium pay means pay as set forth in Section 23 U. applicable to:

Premium pay means a sum of money paid for specific work in addition to the salary or hourly rate.

Premium pay. As designated and approved by VCMC/SPH Nursing Administration, a premium will be paid for each full shift worked as follows: