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| Fair
Labor Standards Act ("FLSA") |
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The Fair
Labor Standards Act (“FLSA”) establishes minimum wage,
overtime pay, record-keeping and child labor standards for
full-time and part-time employees in the private or public
sectors. The current federal minimum wage rate is $5.85 per
hour, individual states are free to set minimum wage rates
above the federal minimum. For example, the minimum wage in
New York is currently $7.15. For every
hour worked in excess of 40 hours in a work week, an
employer must pay its employees at least one and one-half
time his/her regular rate of pay (“time and a half”).
Although the
FLSA sets the minimum wage and overtime pay requirements, it
does not govern vacation, holiday, severance or sick pay; pay
raises or fringe benefits; pay for weekend or holiday work; meal
or rest periods. Some of these issues are addressed by similar
state laws.
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