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We found 3 dictionaries that define the word penalty rate:

General (3 matching dictionaries)
  1. penalty rate: Oxford Learner's Dictionaries
  2. penalty rate: Wiktionary
  3. penalty rate: TheFreeDictionary.com

Definitions from Wiktionary (penalty rate)

noun:  (Australia, industrial relations) A mandated minimum rate of pay which is higher than the usual minimum wage, paid to an employee when working on weekends, public holidays, overtime, late night shifts or early morning shifts.

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