Overview: Fair Labor Standards Act (FLSA)
WHAT IS FLSA?
The Fair Labor Standards Act (FLSA) is the federal wage and hour law administered by the U.S. Department of Labor (DOL). It impacts employees in both private and public sectors by establishing minimum wage, overtime pay, and other wage and hour regulations. Employees are either exempt or non-exempt status from the FLSA regulations. For more information visit: www.dol.gov/agencies/whd/overtime/rulemaking
EXEMPT OR NON-EXEMPT STATUS
On April 23, 2024, the Department of Labor (DOL) approved a new overtime rule under the Fair Labor Standards Act (FLSA) that is set to go into effect July 1, 2024. This new rule will require employers to pay overtime to all employees making less than $43,888 annually. As a university comp time is earned for all overtime worked. The DOL is raising the minimum salary for an employee to be designated as exempt from $35,568 per year ($684 per week) to $43,888 per year ($844 per week). The University's exact amount is $43,896 for exempt status.
Exempt employees are excluded from the overtime requirements. Non-exempt status employees earn comp time for hours worked in excess of 40 hours in any workweek.
Please review the FAQ- Frequently Asked Questions for FLSA changes for 2024 to gain insight on the status change.
WEB TIME ENTRY TRAINING
This training video is great to view as it explains how to clock in and out using the Web Time Entry located in Banner. Non-exempt status employees will also learn how to properly track overtime, when to use, what is straight time and other time related action items.