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Wages paid with a certain premium added to the hourly wage when working beyond the prescribed working hours. Also called overtime allowance. Article 46 of the Labor Standards Act stipulates that employers must pay at least 50% in addition to the regular wage for overtime, night, and holiday work. Premium pay is sometimes considered a kind of 'fine' imposed on employers to limit overtime, and for this purpose, the premium rate needs to be higher. The International Labor Organization (ILO) convention sets it at 25%, but in advanced countries, it is often 50% or more, and most advanced countries add 100% premium pay for holiday work.