Under the law, are employees entitled to double time or triple time when they work on the weekend or during holidays?

No.

An overview of an employer’s overtime practices almost always raises a question regarding premium pay and here is the standard answer. If the Fair Labor Standards Act applies to tribal employers, non-exempt employees are entitled to overtime compensation measured at 1.5 times the employee’s regular rate.  The FLSA requires the payment of overtime to non-exempt employees for all hours worked in excess of 40 hours in a work week. However, the FLSA does not require employers to pay double time or triple time for hours worked on the weekend or the employee’s favorite holiday.

As employers you can certainly entice employees with premium pay (double time) when the law does not require it.  Moreover, you can entice your exempt and non-exempt employees with extra pay, time off, and other incentives for exceeding your expectations.  To avoid employee confusion, pay attention to the language used for defining extra pay for exempt workers by using a substitute for overtime.

Recommendation:  Determine whether the FLSA applies to you.  If the FLSA applies to you, pay your non-exempt employees 1.5 times their regular rate for all hours worked exceeding 40 in a work week.  In addition to complying with the law, determine if extra pay, which is not required, is a discretionary policy which will help you meet your objectives.