Can anyone comment on Citigroup's overtime rate. I recently got an offer that listed the base salary and indicating that my position is a non exempt position, which means I am eligible for overtime for any hours in excess of 40 hours. Does anyone know what the pay rate is for citigroup overtime, and how do they calculate the hourly rate. Do you think they'll honor the overtime?
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that's pretty baller. if it's in the contract, they damn well better honor it
i think overtime pay is 1.5x or 2 times.. i'm leaning towards 1.5 as i recall or so. hourly pro-rated based on your salary and 40 hour work week. so for 60k it was around 28/hr times 1.5
i remember traders get paid overtime i believe, but its customary not to put too much overtime as well...
I have a friend that interned for C in the tech department and was scolded by his manager for putting any overtime hours even though he would work 50 hrs/week.
Hope that helps.
dude...those overtime hours are really "i dare you take overtime" hours. don't take them unless you're in an agreement with your boss about how many hrs you're gonna take or else you gonna get in shit.
If you got an offer from Citi, they should have explained the overtime pay and how it's calculated (it was explained in mine and even gave an example how to calculate it). I believe its .5x.
However, that being said, I would agree with the above ^^ comments that most likely...you won't be submitting exactly the amount of hours you worked overtime.
yeah, overtime at citi is definitely not 1.5x, at least for ibd
.5x is a closer estimate
i spoke with an associate there who told me getting o/t hours shouldn't be a problem. i'm not sure if this was group specific, however.
it's .5x hourly wage for hours over 40/week for SA. If you work 70 hours per week, or 30 hours of overtime, you will be paid base (70K prorated per week is $1346 or so) + ( $1346/70 hours )(30 hours)(.5) = weekly salary.
yah... great system to still pay OT but to limit it, I mean, if you work a ton, your hourly rate gets crushed and those extra hours you put in will be compensated less and less... lol
Which location/group is paying OT if you don't mind me asking... you can PM me if you want. I will be going to Citi FT.
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