OT Compensating Time-off. Thanks to Joyce of Union Alpha. She had gracefully corrected our error on OT calculation for CTO (compensating time-off). This is what she just say, “Overtime is compensated either by leave or overtime payment and the compensation method is to be determined by the Directors. When overtime is compensated by payment, it is paid monthly in arrears on submission of approved Overtime Claim Form. The overtime rate (“OT factor”) is calculated at 150% of the hourly pay of the staff for each hour of the overtime worked. The formula for calculating overtime payment is shown as below:
| Monthly Base Salary x no. of overtime hours worked x OT factor |
| Total monthly working hours (i.e. 180 hours per month) |
When overtime is compensated by leave, the overtime rate (“OT factor”) is calculated at 125% of the staff for each hour of the overtime worked. The formula for calculating overtime compensation by leave is shown as below:
| No. of overtime hours worked x OT factor |
| Total working hours per day (i.e. 7.5 hours per day) |
On behalf of our CPAnywhere users, a big Thank You to Joyce of Union Alpha for your contribution.