What is the term used for the additional half-time rate of pay due for overtime hours?

The additional half-time rate of pay due for overtime hours is commonly referred to as "overtime pay." This term describes the compensation that employees receive when they work beyond their standard hours, typically calculated at one and a half times the regular pay rate. In the context of the Fair Labor Standards Act (FLSA), overtime pay is mandated for eligible employees when they exceed 40 hours of work in a workweek.

The other terms provided do not accurately describe this specific compensation structure. "Premium rate" often refers to an additional amount paid for work performed under special conditions but does not specifically denote the overtime calculation. "Exemption rate" is not a standard term associated with compensation but rather refers to employees who are exempt from overtime pay based on their job duties and salary level. Lastly, "standard rate" simply denotes the regular hourly wage without any reference to additional payments for overtime hours or special conditions.