Premium pay refers to amounts, other than compensation paid for overtime, which are paid to employees in designated positions in addition to the base rate/salary. They may include, but are not limited to, shift differential, weekend differential and on-call pay. Refer to The George Washington University Manual of Personnel Policies for the use of Supervisory Staff for definitive University guidelines on premium pay.
Additional compensation paid for work performed outside of regularly scheduled work hours.
Extra pay, beyond the base wage rate, for work performed outside or beyond regularly scheduled work periods.
SEE OVERTIME (O/T)
In a payroll context, it can have two meanings. It can be the extra pay above an employee's regular rate of pay that is paid for working overtime hours. Or it can be a special pay rate for work done on weekends, on holidays, during undesirable shifts, or for doing dangerous work.
Additional compensation for regularly scheduled overtime, or Sunday work, and standby duty normally applies to positions such as firefighters and law enforcement officers. See PERMISS or your local CPAC representative for more information. http://www.cpol.army.mil/permiss/ Topic: Premium Pay
An amount that is added to a base salary to pay additional monies for situations such as graveyard shift, working weekends, or working away from home.
An extra amount over straight time rates, sometimes a flat sum, sometimes a percentage of the wage rates, paid to workers to compensate them for inconvenient hours, overtime, hazardous, or unpleasant conditions, or other undesirable circumstances.
In payroll there are two meanings. It can be the additional wages above an employee's regular rate of pay that is due for workking overtime. Or it can be a different pay rate for work done on weekends, on holidays, during undesirable shifts, or for dangerous work.