Holiday Pay refers to the compensation employees receive for time off during designated holidays. This pay is typically provided to ensure that workers are compensated for their absence from work on these special days, which may include national holidays like New Year's Day or Independence Day. Employers may offer Holiday Pay at a regular rate or at an increased rate, often referred to as "premium pay." The specific policies regarding Holiday Pay can vary by company and may depend on factors such as employment contracts, union agreements, or local labor laws.