If label is created programmatically, padding can be calculated using the sizeThatFits method. If using more than one line, the text will be line broken at the max width value.
let text = UILabel()
let padding = 10
text.layer.cornerRadius = 5
text.layer.masksToBounds = true
text.text = "Hello"
text.font = UIFont(name: text.font.fontName, size: 18)
text.textAlignment = NSTextAlignment.center
text.numberOfLines = 1
let maxSize = CGSize(width: 100, height: 100)
var size = text.sizeThatFits(maxSize)
size.width = size.width + padding * 2
size.height = size.height + padding * 2
text.frame = CGRect(origin: CGPoint(x: 0, y: 0), size: size)
