What is referred to as the payment of regular daily wages for unworked regular holidays?

The correct response refers to holiday pay, which specifically denotes the compensation an employee receives for regular holidays on which they do not work. This payment is typically equivalent to the employee's regular daily wage and is mandated by labor laws in many jurisdictions. It ensures that employees are not financially disadvantaged for days when they are entitled to observe a holiday, reflecting the importance placed on rest and holiday time in the workforce.

Understanding this concept is essential as it helps to uphold the employees' rights and assure them a level of financial security even when they are not working due to holidays. Wage adjustment would involve changes to pay rates based on hours worked or variations in pay standards rather than direct compensation for holidays. Supplemental pay often refers to additional pay for work done beyond standard hours, while premium pay specifically pertains to extra compensation for working during unsociable hours or on holidays when employees are required to work, rather than simply being paid for time off.