Bank loan officers raise questions about time and attendance laws
Two recent cases involving the employees of financial institutions in Charlotte, North Carolina, call employee classifications into questions, according to the Charlotte Observer. One loan officer at Bank of America alleged she and other coworkers were required to work overtime to meet quotas established by their employer without any additional wages.
A similar practice was taking place at SunTrust Bank, where a financial services representative claimed she was forced to increase her time and attendance to meet goals, staying late after shifts ended or working on weekends without seeing any pay for doing so, the source adds.
The Fair Labor Standards Act (FLSA) has clear-cut policies on overtime pay, but is not as transparent regarding the employees it covers. All non-exempt employees must receive at least $7.25 per hour (minimum wage) for all of their time and attendance, and one-and-a-half times their hourly rate for work exceeding 40 hours during a standard week.
However, employers may not be certain whether certain positions are considered covered by the FLSA. Many employees who are paid on a salary basis at a rate of no less than $455 per week and perform non-manual labor in an administrative, executive or professional position are not subject to these mandates. In the case of financial services employees, the Department of Labor explains that a title does not necessarily guarantee exemption from the FLSA.
To determine whether employees are covered, employers must consider the duties those individuals are regularly required to perform.
A similar practice was taking place at SunTrust Bank, where a financial services representative claimed she was forced to increase her time and attendance to meet goals, staying late after shifts ended or working on weekends without seeing any pay for doing so, the source adds.
The Fair Labor Standards Act (FLSA) has clear-cut policies on overtime pay, but is not as transparent regarding the employees it covers. All non-exempt employees must receive at least $7.25 per hour (minimum wage) for all of their time and attendance, and one-and-a-half times their hourly rate for work exceeding 40 hours during a standard week.
However, employers may not be certain whether certain positions are considered covered by the FLSA. Many employees who are paid on a salary basis at a rate of no less than $455 per week and perform non-manual labor in an administrative, executive or professional position are not subject to these mandates. In the case of financial services employees, the Department of Labor explains that a title does not necessarily guarantee exemption from the FLSA.
To determine whether employees are covered, employers must consider the duties those individuals are regularly required to perform.
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