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Is it legal for property companies to deduct overtime pay for employees over 60 years old during the Spring Festival?

Illegal.

According to the Labor Law of People's Republic of China (PRC), if a worker needs to work on a prescribed rest day or legal holiday, he should arrange compensatory time off or pay overtime pay, which is three times of his salary and cannot be deducted. Therefore, it is illegal.

If the company deducts overtime pay from employees over the age of 60 during the Spring Festival, employees can complain to the labor inspection agencies in their districts and counties to safeguard their legitimate rights and interests.