Fair Labor Standards Act - FLSA

AAA

DEFINITION of 'Fair Labor Standards Act - FLSA'

A United States law which sets out various labor regulations regarding interstate commerce employment, including minimum wages, requirements for overtime pay and limitations on child labor. In general, the FLSA is intended to protect workers against certain unfair pay practices or work regulations. The Fair Labor Standards Act is one of the most important laws for employers to understand since it sets out a wide array of regulations for dealing with employees.

INVESTOPEDIA EXPLAINS 'Fair Labor Standards Act - FLSA'

The law goes on to specify at which times workers are "on the clock" and which times are not paid hours. There are also elaborate rules concerning whether employees are exempt or non-exempt from Fair Labor Standards Act overtime regulations. The FLSA requires overtime to be paid at 1.5 times the regular hourly rate for all hours worked in excess of 40 hours during a seven-day work week.

RELATED TERMS
  1. Labor Market Flexibility

    Firms' ability to make changes to their workforce in terms of ...
  2. International Labor Organization ...

    A United Nations agency that strives to serve as a uniting force ...
  3. Labor Productivity

    A measurement of economic growth of a country. Labor productivity ...
  4. Department Of Labor - DOL

    A U.S government cabinet body responsible for standards in occupational ...
  5. Severance Pay

    The compensation that an employer provides to an employee who ...
  6. Bureau Of Labor Statistics - BLS

    A government agency that produces economic data that reflects ...
Related Articles
  1. The Economics Of Labor Mobility
    Economics

    The Economics Of Labor Mobility

  2. The Unemployment Rate: Get Real
    Economics

    The Unemployment Rate: Get Real

  3. What You Need To Know About The Employment ...
    Economics

    What You Need To Know About The Employment ...

  4. Globalization: Progress Or Profiteering?
    Economics

    Globalization: Progress Or Profiteering?

comments powered by Disqus
Hot Definitions
  1. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  2. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  3. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  4. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  5. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  6. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
Trading Center