In addition, as retail investors have expressed a high level of interest in investing in our stock, we believe the stock split will also make our common stock more accessible to our retail shareholders.” The company in its 2022 Proxy Statement, dated June 6, says: “We believe the stock split would help reset the market price of our common stock so that our employees will have more flexibility in managing their equity, all of which, in our view, may help maximize stockholder value. Following that split, Tesla’s stock price surged 60% from the day of the announcement until its execution. The company’s last effort, a 5-1 split, was in August 2020. This will also be the electric vehicle maker’s second stock split in less than two years. The Texas-headquartered company hasn’t specified the actual date of the stock split. TSLA stock has been on an upswing since last month, posting its biggest gains since October 2021, and the announcement of the stock split does not take effect immediately. The company first announced the proposed split several months ago via a March 28 tweet. Tesla shareholders approved the new stock split at the annual shareholder meeting in Austin, Texas. See the FAQ on overtime for what constitutes overtime in California.Tesla Shareholders Approve 3-1 Stock Split Split shift has no impact or effect on overtime. How is overtime calculated on a split shift? If you are only paid $72 (6 hours times $12), you are due $5 ($77 - $72 = $5) differential for working a split shift.
Yes, because you work six hours, and the minimum wage for your workday that includes a split shift is $77 (6 hours times $11 plus an additional $11 for the split shift premium). I work six total hours in a workday, so am I entitled to a split shift premium?” My regular workday includes a split shift, however, I make $12 per hour and minimum wage is currently $11 per hour. The purpose of the split shift premium is to prevent abuses by employers for scheduling shifts that are not voluntary. Voluntarily picking up an extra shift does not qualify for the split shift premium. Would a worker qualify for a split shift premium if they are scheduled to work the morning shift and then voluntarily pick up an evening shift? It should be shown as a separate category such as “Split Shift Premium” and should not be lumped into another category such as wages, bonus, etc. The employer must itemize the premium payment on the pay stub provided to the employee. It is always your employer’s legal responsibility to keep accurate time records of hours worked as well as payroll records.ĭoes the split shift premium need to be reflected on the pay stub as a separate item? Who is responsible for keeping track of the split shift payment, the employer or the worker? Please see number 6 for an example of how the split shift premium is calculated.
Any money earned over and above the state, or local, minimum wage will be credited towards the employer’s obligation to pay the split shift premium. The split shift premium is one hour at the state minimum wage, or the local minimum wage if there is one, whichever is greater. The employee must be paid the premium each shift their daily schedule is split. to work the dinner shift.Ī minimum wage employee with a split shift schedule must be paid a split shift premium. If an employee requests the break for their own convenience, then it is not a split shift.Īn example of a split shift is a restaurant worker whose schedule is to work from 10:00 a.m. The break between shifts cannot be a meal or rest break and must be to the benefit of the employer. The time period between shifts needs to be longer than a bona fide meal period and needs to be within the same workday. 1.Ī split shift is a work schedule that is interrupted by non-paid and non-working time periods established by the employer. ( Industrial Welfare Commission Wage Orders 1-15, Section 4)Īn employee who is paid more than minimum wage may also be due a split shift premium, however, the greater the wage the lower the premium will be.Īlso note, an employee who resides at the place of employment is exempt from the split shift premium. The premium is equal to one hour of pay at the rate of the minimum wage. Workers who earn the minimum wage per hour are entitled to additional pay known as a “split shift premium” when their schedule includes a split shift.