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Kalpana DhanajayarajKalpana Dhanajayaraj 

Workflow is not triggering

Rule : AND 

$User.OverrideWorkflow__c ="False", 
OR( 
$RecordType.Id=$Label.RT_AccountVerified, 
$RecordType.Id=$Label.RT_Account_Inactive 
), 
OR( 
TODAY() > LSS_Hold_Over_Expiration__c , 
TODAY() > Hold_Over_Expiration__c ) 

)


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Nagendra ChinchinadaNagendra Chinchinada
Label "Label.RT_AccountVerified" contains Record Type ID or Record type Name ?. Because you are comparing it with Id ($RecordType.Id=$Label.RT_AccountVerified ). If it contains Name then it doesn't fire. 
Kalpana DhanajayarajKalpana Dhanajayaraj
It containd Id only
Nagendra ChinchinadaNagendra Chinchinada
Check the Number of digits for Id (18 or 15  digits) both sides in comparison. OverrideWorkflow__c must be a string but not boolean as per your formula comparision.
If everything is correct then you have to check in debug logs whether this formula returns true or not. 
Parker EdelmannParker Edelmann
If the OverideWorkflow__c field is a checkbox, take off the quotes from false. If that doesn't work try using $RecordType.Name and setting the values accordingly. It's a best practice to use the Record Type Name anyway.