I think you are looking for the case
statement:
UPDATE "AA" A
SET A.BONUS = (case when A.OVERTIME*A.OVERTIME_WAGES <= 15 then 5
when A.OVERTIME*A.OVERTIME_WAGES between 15 and 20 then 7
when A.OVERTIME*A.OVERTIME_WAGES >= 20 then 10
end);
You can actually simplify this to:
UPDATE "AA" A
SET A.BONUS = (case when A.OVERTIME*A.OVERTIME_WAGES <= 15 then 5
when A.OVERTIME*A.OVERTIME_WAGES <= 20 then 7
else 10
end);