A company can create overtime policies based on the policy of the company. There are companies that have different overtime policies due to the working hours of each employee. In Swingvy, you can create the overtime policy accordingly following the country overtime types.
Swingvy provides default overtime policy by country. For more information, check How to calculate overtime article.
Follow these steps to create/edit overtime policies:
Step 1: At the Time menu, click Settings and overtime policy
Step 2: click the add overtime policy button
Step 3: At the overtime policy name, you can enter a new name
Step 4: Add rate for overtime for all working day type
The overtime can be set to follow the normal working day hours, half-day, rest day, off day and holiday (holiday includes both Public holiday and custom holiday).
The employees' overtime request hours will be apply the OT rate settings of each day type.
Please ensure the payroll overtime item is added on payroll items before setting the overtime policy. (Added)Please notice that you can only apply hourly rate OT items in OT policy settings.
The OT rate can also be set as 'Single rate' or 'Multiple rates'.
Single rate - The payment for OT is of the same rate for each hour.
Multiple rates - Admin can set the rates of payment for different hours of OT
You can also round up/down hours. Please notice that rounding rule applies to the duration of hours. For example, if employee request 10 hours with below settings, the calculation will be:
0 - 4 hours = count as 4 hours
4 - 8 hours = count as 8 hours
8 - 10 hours = count as 2 hours
(For more detailed example on how employees' overtime hours will be calculated, check How to calculate overtime article)
Congratulations! Now that you’ve completed your company Time setup successfully, you can read more about how to Reimburse overtime payment through Swingvy payroll here.