Dear All Please send me the attendance format in Ms Excel with the formula of Over time. thanks
From India, Lucknow
12From India, Lucknow
Hello , Its simple .it is calculated on basic . so basic /30/8 = hourly rate hourly rate x numbers of extra time hours worked . Hope its of help to you regards Rajeev Dixit (09901436123)
From India, Bangalore
From India, Bangalore
Dear Meenu,
The formula is as follows:-
=Total Gross/26/8*ot hrs*2, 2 means that we have to give double overtime from the normal rate or u can go with simple calulation by giving overtime at the rate of Rs20 per hour.
It means for e.g. if X worked for extra 13 hrs as ovetime.
His monthly gross is Rs 3640 P.m. then the calculation would be
=3640/26/8*13*2= Rs455/-
Regards
Vipin
From India, New Delhi
The formula is as follows:-
=Total Gross/26/8*ot hrs*2, 2 means that we have to give double overtime from the normal rate or u can go with simple calulation by giving overtime at the rate of Rs20 per hour.
It means for e.g. if X worked for extra 13 hrs as ovetime.
His monthly gross is Rs 3640 P.m. then the calculation would be
=3640/26/8*13*2= Rs455/-
Regards
Vipin
From India, New Delhi
Dear Meenu, go for the option of Gross salary while calculating the overtime becoz, ESI will be deducted on Overtime. Regards Vipin
From India, New Delhi
From India, New Delhi
Dear Meenu, The formula is Basic + DA/30/8*No. of hourse extra worked*2 find the XL file with formula with best regards Srinivasa Araveti
From India, Bangalore
From India, Bangalore
Dear Ms. Nirmla,
From the legal point of view, Mr. Vipin is right.
Overtime is to be paid double of "Ordinary rate of wages" under sub-section(1) of 59 of Factory Act 1947 thus I would like to request those who are calculating the overtime on "Basic Salary" to please go through sub-section (1), (2) & (3) of 59 under under said act.
Note:
Overtime rate:- It shall be deemed to be equivalent to the daily average of their full-time earnings for the day on which they actually worked on the same day.
Secondly, overtime is being calculated on 26 days not on 30 days because in factory act days means 26 and minimum wage also calulated on 26 days.
So, it's my request to those who are calculating the overtime on Basic and on 30 days pls discuss the same with your legal advisor, if have and get his openion so that you could compliance accordingly.
If have any query can contact me:
Regards,
From-
Vijay Vashisth
Manager HR
09992334610
From India, Jaipur
From the legal point of view, Mr. Vipin is right.
Overtime is to be paid double of "Ordinary rate of wages" under sub-section(1) of 59 of Factory Act 1947 thus I would like to request those who are calculating the overtime on "Basic Salary" to please go through sub-section (1), (2) & (3) of 59 under under said act.
Note:
Overtime rate:- It shall be deemed to be equivalent to the daily average of their full-time earnings for the day on which they actually worked on the same day.
Secondly, overtime is being calculated on 26 days not on 30 days because in factory act days means 26 and minimum wage also calulated on 26 days.
So, it's my request to those who are calculating the overtime on Basic and on 30 days pls discuss the same with your legal advisor, if have and get his openion so that you could compliance accordingly.
If have any query can contact me:
Regards,
From-
Vijay Vashisth
Manager HR
09992334610
From India, Jaipur
Dear Nirmala,
As per factory act we have to calculate the overtime on Gross Salary and with considering 26 days. And we have to deduct the ESI amt. also on the overtime.
the formula is -
=Total Gross/26/8*No. of OT hrs*2
(As per act, we have to give ot double to the rate)
Overtime:
Where a worker works in a factory for more than nine hours in any day or for more .than forty-eight hours in any week, he shall, in respect of overtime work, be entitled to wages at the rate of twice his ordinary rate of wages.
The total number of hours of overtime shall not exceed fifty for anyone quarter(3 months).
Thanks & Regards,
Virender Singh.
From India, Delhi
As per factory act we have to calculate the overtime on Gross Salary and with considering 26 days. And we have to deduct the ESI amt. also on the overtime.
the formula is -
=Total Gross/26/8*No. of OT hrs*2
(As per act, we have to give ot double to the rate)
Overtime:
Where a worker works in a factory for more than nine hours in any day or for more .than forty-eight hours in any week, he shall, in respect of overtime work, be entitled to wages at the rate of twice his ordinary rate of wages.
The total number of hours of overtime shall not exceed fifty for anyone quarter(3 months).
Thanks & Regards,
Virender Singh.
From India, Delhi
Dear Nirmala,
As per factory act we have to calculate the overtime on Gross Salary and with considering 26 days. And we have to deduct the ESI amt. also on the overtime.
the formula is -
=Total Gross/26/8*No. of OT hrs*2
(As per act, we have to give ot double to the rate)
Overtime:
Where a worker works in a factory for more than nine hours in any day or for more .than forty-eight hours in any week, he shall, in respect of overtime work, be entitled to wages at the rate of twice his ordinary rate of wages.
The total number of hours of overtime shall not exceed fifty for anyone quarter(3 months).
Thanks & Regards,
Virender Singh.
From India, Delhi
As per factory act we have to calculate the overtime on Gross Salary and with considering 26 days. And we have to deduct the ESI amt. also on the overtime.
the formula is -
=Total Gross/26/8*No. of OT hrs*2
(As per act, we have to give ot double to the rate)
Overtime:
Where a worker works in a factory for more than nine hours in any day or for more .than forty-eight hours in any week, he shall, in respect of overtime work, be entitled to wages at the rate of twice his ordinary rate of wages.
The total number of hours of overtime shall not exceed fifty for anyone quarter(3 months).
Thanks & Regards,
Virender Singh.
From India, Delhi
Hi All,
Thanks for these informative posts on Over time calculation. Actually I am working in IT sector and was looking out for this information. As of now we are providing Late stay convance to such employees.This would help me out in drafting the policy in the correct way. Do let me know any further detail to be know while considering IT sector.
From India, Hyderabad
Thanks for these informative posts on Over time calculation. Actually I am working in IT sector and was looking out for this information. As of now we are providing Late stay convance to such employees.This would help me out in drafting the policy in the correct way. Do let me know any further detail to be know while considering IT sector.
From India, Hyderabad
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Nov'08 Attendance Report Format.xls