On a paid holiday, you’ll receive regular pay, even though you don’t work. There may be eligibility requirements. Specific details will be outlined in your employer’s handbook, company policy, or employment contract.

There are three types of paid holidays: federal, state, and floating.

Federal holidays are recognized by the federal government. Many employers choose to offer these days as paid days off. Examples of federal holidays include New Year’s Day, Memorial Day, and Thanksgiving.

State holidays are recognized by each state’s government. These holidays typically celebrate local culture or traditions. An example of a state holiday is Casimir Pulaski Day in Illinois. Employers sometimes offer state holidays as paid time off.

Floating holidays are a little different. A floating holiday is a paid day off that employees can take at their discretion. The purpose of a floating holiday is to provide flexibility for religious holidays or personal events not covered by a standard holiday calendar.

These are the most commonly observed holidays in the United States:

• New Year’s Day
• Memorial Day
• Independence Day
• Labor Day
• Thanksgiving
• Christmas Day

Martin Luther King Jr. Day, Presidents’ Day, and Veterans Day are also commonly observed as paid holidays.

If you receive a paid holiday, you’ll receive regular compensation for that day. Simply put, you should expect a regular paycheck. The exception is if the holiday falls on payday. In those cases, you’ll still receive the full amount, but your pay might be slightly delayed. Ask your employer if you’re concerned about this.

Holiday pay rates may vary. Often, employers offer time and a half (or 1.5 your regular pay rate) to employees working on designated holidays. This is not a legal requirement. Rather, time and a half is offered as an incentive, or as a requirement for a bargaining agreement. The specific holidays that qualify for time and a half vary by workplace. Your employer’s policy will have details on how and when time and a half is offered.