Are salaried employees entitled to overtime pay?
Toni No accountant would ever use your method of working out the hourly rate if they could claim overtime. Major multinationals use this method to work out what the employees hourly rate is, bear in mindthis is NOT a charge-out rate that includes items like sick leave training etc. There are 365 days a year(on average) less the number of weekends and most countries have between 8-12 holidays a year giving about 250 or so working days per annum.If an 8 hour day is the legislated max (40 hour week)250 working days is about 2000 hours. Divide your annual Cost to Company salary by 2000 to get the hourly rate. Have fun explaining this. Some countries may have a few differences due to labour laws, holidays etc.
