OVERTIME BUDGET Meaning and
Definition
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Overtime budget refers to the specific allocation of financial resources set aside by an organization or company to cover the costs associated with employees working beyond their regular working hours. It is a financial plan that estimates and accounts for the additional wages, benefits, and related expenses incurred due to overtime work.
The overtime budget serves various purposes. Firstly, it provides a framework for managing and controlling labor costs by ensuring that the organization can accurately track and monitor the amount of overtime being worked. It allows managers to allocate overtime based on workload or other factors, keeping the expenses within the predetermined budget.
Secondly, an overtime budget offers transparency and accountability in financial planning. By clearly defining the amount available for overtime work, it helps decision-makers assess the financial feasibility and impact of overtime usage.
Additionally, an overtime budget facilitates effective labor management. It enables supervisors to plan and schedule overtime in a manner that maximizes productivity, meets operational demands, and minimizes costs. This budgeting process helps strike a balance between the organization's need for additional work hours and the employees' welfare, ensuring fair compensation for their extra efforts.
Overall, an overtime budget plays a crucial role in monitoring, controlling, and optimizing the financial implications of overtime work while ensuring the organization's ability to fulfill its operational requirements.
Common Misspellings for OVERTIME BUDGET
- ivertime budget
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- ovwrtime budget
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- ov3rtime budget
- oveetime budget
- ovedtime budget
- oveftime budget
- ovettime budget
Etymology of OVERTIME BUDGET
The word "overtime" originated from the combination of two words: "over" and "time". "Over" is derived from the Old English word "ofer", meaning "above" or "beyond", and "time" refers to a specific period or duration. Combined, "overtime" first appeared in the early 19th century, referring to the additional time worked beyond the normal working hours.
The term "budget" has a different etymology. It comes from the Middle English word "bowgette", meaning "small bag" or "purse". In the late 15th century, it evolved into "budget", referring to a financial document that outlines and plans for expenses and income.
The combination of "overtime" and "budget" forms the compound term "overtime budget", which refers to the financial allocation or plan for the additional hours worked beyond regular working hours.
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