Depends how they pay you.
For my employer, it would pay 0.1 hour overtime.
I think in situations like this they're trying to get away without paying you extra. Saying "it's only 5 minutes, you're not being a team player" and so on.
We have a 7 minute grace period that counts at 15 minutes in either direction. If I’m scheduled at 1 and clock in at 12:53, it still counts as 1 in the computer. Working 6 days a week X 5 minutes a day would average out to 26 hours a year of unpaid labor.
That would be a violation if the government officials. Some companies are very very careful of employee hrs. I know at walmart they fire people who are not right on the time in or out. Gosh I couldn't stand it, I have usually been on salary never punching a clock, last time i did that i was very young and worked at zayers for a summer.
It’s a union job, so the rules are a bit different. Plus it’s very easy to abuse to my advantage, i.e. I can clock in up to 7 minutes late and it still counts as on time. So I can squeeze about 36.4 hours of pay per year for stuff I never did. Similarly, I can clock out 7 minutes early and same story.
If I were dedicated enough, I could get paid for 73 more hours of work than I actually did per year.