Interest on Back Pay
Kodante
4 Posts
[font size="1" color="#FF0000"]LAST EDITED ON 04-10-03 AT 09:16AM (CST)[/font][p]Unfortunately, our company owes employees in our CA branch for overtime
back-pays going back to 1/1/2000.
(Our company failed to comply with California Assembly Bill AB60 therefore
did not pay premium OT rate after 8 hrs/day--we kept the old method of 40 hrs/week)
The mgmt urgently made a decision to back-pay all the non-exempt employees but do we must pay them interest too? If so, what interest rate do I use and how do I calculate it?
back-pays going back to 1/1/2000.
(Our company failed to comply with California Assembly Bill AB60 therefore
did not pay premium OT rate after 8 hrs/day--we kept the old method of 40 hrs/week)
The mgmt urgently made a decision to back-pay all the non-exempt employees but do we must pay them interest too? If so, what interest rate do I use and how do I calculate it?
