Hello all,
Is there a way to conviently provide salaried employees overtime pay beyond 40 hours or PTO compensation time for those hours?
In the past when I worked for large corporations, we were “salary exempt” employees but still received either PTO hours to be used later, or our hourly rate as overtime pay. But not exactly sure how this was executed on the financial/business side.
I’ve heard of establishing a second company to pay those employees “hourly” whenever they go beyond the 40. But that doesn’t seem like it would be the easiest option.
We are a government contractor, so we do track hours against each project.
Thank you!
Salaried employees don’t get overtime. But if you are still looking for a solution: take their yearly salary, divide that by total hours worked, and that will give you a rough hourly wage. Then use that to calculate the overtime. Or just cut them a bonus check for each job they accrued overtime for.