Overtime Pay Agreement
This Overtime Pay Agreement (the "Agreement") is made and entered into on this 22nd of September 2050, between [Company Name], a corporation organized and existing under the laws of [State/Country], with its principal place of business located at [Company Address] (hereinafter referred to as the "Employer"), and [Employee Name], an individual residing at [Employee Address] (hereinafter referred to as the "Employee").
Overtime Compensation Rate
The Employee shall be compensated for overtime hours worked at a rate of one and a half (1.5) times the regular hourly wage, as defined by applicable labor laws.
Overtime Eligibility
The Employee is classified as a non-exempt employee under applicable labor laws and is eligible to receive overtime pay for hours worked beyond the standard workweek.
Overtime Limits
The Employee shall not work more than [Insert Number] hours of overtime in any given workweek, except with prior written approval from the Employer.
Calculation Method
Overtime pay shall be calculated on a weekly basis, in accordance with the applicable labor laws. Overtime hours shall be considered as any hours worked in excess of [Insert Standard Weekly Hours] in a single workweek.
Approval Process
The Employee shall obtain written approval from their supervisor or manager before working any overtime hours, except in cases of emergency or unforeseen circumstances.
Recordkeeping
The Employee shall accurately record all hours worked, including overtime hours, and submit timesheets to the Employer in a timely manner. The Employer shall maintain records of hours worked by the Employee and shall use these records to calculate overtime pay.
Payment Schedule
Overtime pay shall be included in the Employee's regular paycheck for the corresponding pay period. Overtime hours worked shall be clearly indicated on the pay stub.
Dispute Resolution
Any disputes or disagreements related to overtime pay shall be resolved in accordance with the dispute resolution process outlined in the Company's HR policies and procedures.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [State/Country], and any disputes arising under or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of [State/Country].
By signing below, the parties acknowledge that they have read, understood, and agreed to the terms and conditions of this Overtime Pay Agreement.
[Company Name]
[Authorized Signatory]
By: _____________________________ Date: _______________
[Employee Name]
Signature: ________________________ Date: _______________
[Witness (if applicable)]
Signature: ________________________ Date: _______________
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