In a small start-up, or a small indepdendent studio, everybody is scrambling to make ends meet, and everybody is (supposedly) invested in the success of the product, so the hours are long and pay scarce. I recommend trying that at least once in your life; preferrably before you marry and have kids. However, you should stop after six months and force yourself to take two weeks off, then take a step back and ask yourself: is it worth it? Is the investment in the company (financial, emotional, what have you) worth the time needed? If you're not on the potential upside when/if you make it (fame, fortune, etc), then those who are may just be taking advantage of your willingness to do more for less, and you could find a more fulfilling job elsewhere.
In larger, more well-planned workplaces, working hours are typically between 40 and 50 hours a week, with the occasional crunches around deadlines, trade shows, etc, which require additional week-end work. At Forterra, we get 15 days paid holiday, plus an additional 2 days paid per year per full year of tenure up to a maximum of 10 extra days. We also have 14 (I think) bank holidays, which adds up to a pretty fair bit of time off for a US company (I've worked at places with 7 holidays and 10 days vaccation, total!)
Unless you're part of a founding team of a new indie studio or start-up, it doesn't make sense to pull all-nighters all the time. After a while, you start making crappier work, and you might not notice the hit on your personal life until you get fired or quit in disgust -- and then it's way too late! Make sure to moderate your work hours. I've done 100 hour weeks for months on end, and I would recommend against that for anyone (including myself). These days, I start intentionally and forcefully cutting back if I get over 50 hours a week.
Btw: counting "working time" varies from place to place, too. In some places, showing up at 10 am and leaving at 6 pm counts as an "8-hour day" even if you spend two hours at lunch and an hour playing chess in the break room. Pulling 11-hour days in those places isn't as bad for your sanity, but is rather crappy time management. In other places, that's a 5-hour workday, and you'd do better to compress your working day into solid working time, and spend your actual time off doing non-work things.
Overtime isn't paid for salaried (as opposed to per-hour) employees who are considered "exempt." The actual classification of "exempt" is quite technical and not something I'm prepared to talk about.
Typical hours for game programmers
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