What is referred to as the additional compensation for work performed within eight (8) hours on rest days and special days?

Premium pay is the term used to describe additional compensation for work performed beyond regular hours, particularly on rest days and special days. This type of pay is intended to provide an incentive for employees to work during times typically considered off-duty, recognizing the commitment required to work during these less common hours. Premium pay generally applies to those hours worked in addition to an employee's standard work schedule, specifically in situations that are outside of normal operating procedures, which elevates the value of this time.

In contrast, overtime pay typically refers to additional compensation for hours worked in excess of the standard full-time hours, often exceeding 40 hours in a workweek. Holiday pay usually pertains to compensation given for work done on officially recognized holidays, while bonus pay is usually a discretionary payment awarded based on performance, company profits, or productivity rather than tied directly to hours worked. Thus, premium pay specifically encapsulates the concept of additional compensation for work on rest days and special days.