Overtime & Overtime wages topic of Cost and Management accounting

Overtime & Overtime wages

Work performed by an employee or worker in excess of a basic workday (typically 8 hours in a day, 5 days a week) as defined by the Factories and Shop Establishment Act. It has also specified the rate of overtime and maximum hours of overtime.

Overtime is beyond the normal working hours spent by workers to do the extra work or to complete the incomplete work. Overtime wages is the amount payable to the worker for the extra time spent by the worker to do extra and/or incomplete work.

Reasons people end up working overtime

Too much work.
To meet overload.
Rush orders or Special orders or urgent orders.
Scheduling more production.
For making up the time lost due to unavoidable reasons.

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