Which code describes a premium for working during a statutory holiday?

The code that describes a premium for working during a statutory holiday is 507. This classification is specifically designated to reflect the additional pay or benefits that an employee receives for performing work on a holiday recognized by law. Statutory holidays typically require employers to compensate employees at a higher rate, often referred to as a "holiday premium." This ensures that employees are properly rewarded for giving up their holiday time to work, recognizing both the legal and ethical implications of working during such designated days.

The other codes provided may refer to different types of pay or conditions, but 507 explicitly pertains to the holiday premium, making it the correct choice for this scenario. Understanding these distinctions is crucial for both employees and employers to ensure compliance with labor laws and proper compensation practices.