Normal hours, Agreed hours that an employee must work., Basic rate (normal rate), The typical rate an employee’s hours are paid., Overtime premium, The amount paid in excess of the normal hourly rate for overtime hours, Timesheets, A document that may be used to support claims for overtime payments for salaried staff, Differential Piecework, A system where the amount paid per unit increases as the individual’s production increases is known as, Overtime hours, Hours worked by employee exceeding normal hours., Gross pay, Total of all pay earned, including basic pay, overtime pay, and all other pay., Net pay, Employee’s take-home pay after deductions., Cost of Labour, The total cost of labour to the employer. Includes all labour costs, including employer contributions., Straight piecework, A method of remuneration is not an incentive-based scheme
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Labour key terms
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