Compensatory time, often referred to as comp time, is time off that an employee is allowed to take in lieu of overtime pay.
Overtime refers to the time worked by employees beyond their agreed normal working hours. For hourly or nonexempt employees, overtime is typically compensated at a higher rate, often one and one-half times their regular pay, for hours worked over 40 in a standard workweek.
The standard wage rate refers to the normal or base salary of an employee before any overtime or premium pay is computed. It is vital for setting and managing payroll expenses within an organization.
Straight time refers to the standard time or number of work hours established for a particular work period. An employee working straight time is not being paid overtime.
