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Discover LudwigThe phrase "penalty rate" is correct and usable in written English
You can use it in a sentence to refer to a rate of pay or fee imposed for not following certain regulations or for an action or inaction. For example, "For not filing their taxes on time, the family was subjected to a hefty penalty rate from the IRS."
Dictionary
penalty rate
noun
A mandated minimum rate of pay which is higher than the usual minimum wage, paid to an employee when working on weekends, public holidays, overtime, late night shifts or early morning shifts.
Exact(58)
The bank will still charge a penalty rate of 6.75percentt, it said.
What has been holding the Steelers back is their penalty rate.
After offensive passing efficiency, penalty rate is the second-most consistent efficiency stat.
Only in defensive passing efficiency and penalty rate are they slightly worse this season.
The Ravens balance things a bit with a lower penalty rate.
If you are forced to cash in early, you will pay a penalty rate and forfeit some interest.
Those liquidity facilities charge borrowers a penalty rate which makes them less attractive as private credit returns.
If that happened, the county would pay a penalty rate, often twice the London Interbank Offered Rate, known as Libor.
And Tony Fratto, a strategist who represents the large banks, called the bill's capital requirements "a penalty rate".
The chart organizes unemployed heads and spouses in terms of their marginal tax or "job acceptance penalty" rate.
When private funding dries up, they will lend without limit to any solvent bank willing to pay a penalty rate.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com