Compensation question from offer letter
The letter basically says .. $1346 base salary. Your base salary is compensation for all the hours that you may work regardless of the number of hours that you actually work.
Then it says you will also receive premium pay for all time worked in excess of 40 hours in a workweek.Your regular hourly rate will be $33.60. Your premium pay rate will be $16.80, calculated by multiplying your regular hourly rate of pay by one-half.
Does that mean I get paid 1.5x ($50/hr) or just .5x (only the 16.80) for overtime? I'm confused if the premium is added on top of the regular rate or not.
This is the part when you talk to HR.
The BB I interned at gave 0.5x to discourage working banker hours for the OT pay (I was in S&T).. so it might just be the $16.80/hr
Assuming this is for Summer Analyst in NY?
Should be the latter ($16.80). Basically your 'salary' is 70k prorated. Assuming 40 hrs/week that works out to the $33.60 that you mentioned. Your 'premium' is equal to half of the aforementioned 'hourly rate', so $16.80. That's how it worked when I was an SA.
So basically you get the 70k prorated plus $16.80/hr for each hour over 40 each week.
Yeah, that's what I figured it was. I was like there's no way I'm making 3000+ for an 80 hour week.
OP: pretty sure we're SAs at the same bank this summer - if you're NYC office, we should connect.
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