Meaning of the word "overtime rate" in English

What does "overtime rate" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

overtime rate

US /ˈoʊ.vɚ.taɪm reɪt/
UK /ˈəʊ.və.taɪm reɪt/
"overtime rate" picture

Noun

the amount of money paid for each hour of work beyond the standard working hours

Example:
The company pays an overtime rate of time and a half.
What is the overtime rate for working on holidays?