What is the term for the additional pay required on certain days, as described in holiday pay rules?

The term "premium pay" accurately describes the additional compensation that employees are entitled to receive for working on certain designated days, such as holidays. In different labor contexts, this pay is considered a premium above the regular wages to compensate for the inconvenience of working when many others have the day off. This incentivizes employees to take on additional hours during holidays and acknowledges the exceptional nature of working on such days, recognizing that these circumstances often carry additional demands.

Understanding premium pay is critical in statutory monetary benefits, as it reflects the employer's obligations under labor laws to provide fair compensation for work done during times that are generally considered off-duty for the majority of workers. Other terms, such as overtime pay, generally relate to hours worked over the standard workweek, while special pay and holiday bonus might not specifically refer to the additional compensation received for work performed on holidays. Thus, premium pay specifically aligns with the rules governing holiday work compensation, making it the most accurate term in this context.