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One of the most important traditional festivals in China is also the time when many people have only one family reunion once a year. However, many workers still stick to their jobs and do their part for the economic and social development of their country. China's legislation stipulates overtime wages during the Chinese New Year to protect the rights of migrant workers. So, how to calculate overtime pay during the Chinese New Year?
1. Relevant laws and regulations on overtime wages during the Spring Festival.
The Labor Law of the People's Republic of China stipulates that if an employee works during the holiday, his overtime pay shall not be less than 300% of his daily wage or hourly wage. The New Year's Day to the third day of the New Year's Day holiday is a state-mandated holiday, during which workers work for three days, and the employer has to pay 300 percent of the overtime pay to the workers.
2. Accounting methods for overtime wages.
Overtime is calculated on a workday or hourly basis. According to the statutory standard, the daily or hourly wage of an individual worker is based on the salary set out in the employment contract, i.e. 2175 working days, i.e. 2083 working days (depending on the type of work). Based on this, overtime pay is calculated according to the following method:
Remuneration for overtime during the period of leave prescribed by the state = 300% * daily income basis of the worker himself.
Additional remuneration paid during the leave period = 200% * daily salary base of the employee * working hours.
For example, if an employee's daily earnings base is 200, but he or she has one overtime work during the New Year's Day holiday, his overtime income is:
Overtime pay on statutory holidays = 300% * 200 yuan * one day = 600 yuan.
In China, the overtime wage system is an important measure to safeguard the legitimate rights and interests of employees. Employers and employees should have an understanding of the relevant laws and regulations, make reasonable plans for work and rest time, and effectively protect the health and legitimate rights of employees.