'payment you get for working overtime'
Which is appropriate?
1. overtime charge
2. overtime compensation
3. overtime premium
4. overtime wage
5. overtime allowance
6. overtime pay
7. overtime payment
8. any other?

Thank you.
overtime pay would be the most common way to express the idea.
Itasan, in the U.S., you would probably just say "overtime" to mean the extra money you got for working overtime.

My base pay is $30,000 a year, but with overtime, I make more like $40,000.

How much did you get in overtime last month?

You can expect at least $100 each month in overtime.

These would all be common ways to use it here.
Students: We have free audio pronunciation exercises.
Thank you very much, Ron and Barb, for the kind answers
together with the very valuable sample sentences.
Do you also say 'time and a half'?
In my country some or industries pay with an hourly rate.

So if you exceed the normal agreed work hours and are required to work more hours, then you get paid overtime at "penalty rates" which is an agreed hourly rate in excess of your normal work hours.
Yes, Itasan, in the U.S. it is almost always time and a half. Howevever, it will depend on what state you are in (and what your contract says, if you have a contract) whether the overtime starts after 8 hours in one day, or 40 hours in one week, or 80 hours in a two-week period, etc. I think (though I'm not certain) that the most common is for overtime (aslo called OT) to start after 40 hours in one week.

A casual way of speaking could result in:

Yeah, I get $16 an hour, but with at least ten hours at time-and-a-half each week, it comes out pretty good.

So that person would earn $16*40 in a week, plus another $24*10
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Thank you again, Grammar Geek, for the great information.

Thank you, Squeaky. 'Penalty rate' I've learned a new thing again.